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eMoney News

Faster processing speed 'continues to drive smart card market'
20 Jan 2010

The need for faster processing payments speeds will continue to drive the popularity of the contactless smart card market in the coming years, according to one industry analysis. 

RNCOS has provided its Smart Card Forecast to 2012 report and states that the industry will continue to be popular in the transport and financial sectors.

It also anticipates seeing a growth in the popularity of the devices in retail, loyalty and telecommunications markets. 

Some 70 per cent of the global smart card market will be occupied by the telecom market by 2012, the report suggests. 

"The world is seeing an increase in the number of smart card projects across all geographical locations, signifying the flexibility and robustness of the technology," the report states.

It goes on to add that as contactless smart card technology allows customers significant security benefits when they make transactions, there is a sizeable potential for growth in the online retail market. 

Contactless devices such as the sQuidcard currently allow holders to use the card in retail purchases, transit payments, cashless catering and loyalty schemes.