One billion payment cards with contactless capabilities will be shipped globally in 2016, up from just 170 million in 2010, according to Payment Cards, a new report from ABI Research. The forecast is based on the market for both EMV dual interface cards and the non-EMV contactless cards currently issued in the US.
“There is quite a buzz around contactless payment capabilities,” says ABI’s Phil Sealy. “There is a higher level of convenience for cardholders, with quicker transaction speeds and a reduction in time spent queuing. Giving banks the ability to add another payment application to their portfolios, the emergence of contactless technology is augmenting the overall trend from cash-based to cashless societies.”
Overall demand for banking services will also help push demand for contactless cards, Sealy adds. “The entire banking population worldwide is increasing. As countries become developed, the demand for banking services increases.”