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South Korean smart card industry thriving
13 Jul 2010

The South Korean smart card industry is booming, according to new research.

Frost & Sullivan has revealed that an estimated 49.6 million units are expected to be shipped by the end of the year compared to 46.7 million in 2009.

The demand for smart cards is not expected to wane in the future, as the research firm predicts 68.7 million devices will be shipped to the country in 2015.

Navin Rajendra, Frost & Sullivan industry analyst, claimed the growth can be attributed to the nation's demand for new technology.

"Despite being one of the most advanced and saturated smart card markets in Asia, besides Japan, and indeed, the world, the country's affinity towards faster and more accurate means of processing is expected to sustain the demand for smart cards as new, multi applications are embedded," he said.

The government has also contributed to the increase in smart card use as it introduced transit cards which accounted for 19 per cent of total cards shipped in 2009.

In 2011, a new compulsory government smart card scheme will be launched which could further drive uptake of cards.