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eMoney News

Indian smart card market 'to grow by 20%'
1 Apr 2010

The Indian smart card market is to make ground on other Asian countries like China and India.

That is the conclusion of a new report from RNCOS, an industry research firm, which looks at the state of the Indian smart card market by industry sector adoption up until 2012.

According to the report, India's smart card market is set to achieve a compound annual growth rate of 20 per cent in the period until 2012.

Presently, it is the telecoms sector that dominates India's market, with a 67 per cent market share.

This is set to continue into the near future, though rapid growth is also expected in smart card adoption in financial services, the public sector and transit.

Across the world the use of smart card technology is growing in popularity in a number of different sectors.

In the UK, for example, sQuidcard uses contactless smart card technology to facilitate payment on transit systems, for low value items at participating retail outlets and even in cashless catering schemes in schools.