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Smart card industry 'continues to grow'
14 Oct 2009

Global Businesses continue to see the potential in smart card technology - including contactless smart cards for payment - and the industry is expected to grow in the coming years, a new report reveals.

According to market research group RNCOS, the shipment of smart cards around the world is expected to increase at a compound annual growth rate of over ten per cent during the 2009-12 period.

In a publication dubbed Smart Card Market Forecast to 2012, RNCOS explains that the Asia-Pacific region will become the fastest growing market for smart card shipment during the next three years.

A statement from the market research firm said: "The banking sector represents an area of tremendous opportunities for the smart card industry because its functionalities ... have made [the] smart card viable and the safest option for end users."

Contactless smart cards that allow people to pay for local bus travel, council services and other items were launched by Bolton Council last month, with eMoney network sQuidcard providing part of the technology for the initiative.