EMV Cards Market to Accelerate at a CAGR of Almost 7% during 2021-2025|Technavio
NEW YORK, March 22, 2021 /PRNewswire/ -- The EMV cards market is expected to reach USD 978.55 million during 2021-2025, as per the latest market research report by Technavio. The report also throws light on the impact of the COVID-19 pandemic, and the new opportunities and challenges that market players can expect. This research report forecasts the market to accelerate at a CAGR of almost 7% during the forecast period.
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The EMV card market growth is attributed to the rising need for complying with regulations related to EMV. However, the popularity of mobile payments might hinder the market growth. On the other hand, the advent of biometric EMV cards presents new opportunities in the coming years.
The governments and financial governing bodies are focusing on regulating payments due to the rising number of payment card frauds. EMV compliance is a global payment card standard that was established by EMVCo LLC (EMVCo). According to EMV compliance, all existing magnetic cards and supporting devices should be replaced with new chip-based payment cards. As a result, banks and merchants are making significant investments in EMV cards and supporting payment terminals to comply with regulations. Furthermore, with many emerging countries that have not complied with EMV expecting to implement EMV compliance during the forecast period, there will be a rapid increase in the demand for EMV cards.
"The increasing number of cashless transactions and the surging awareness of the benefits of EMV cards will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Major Three EMV Cards Companies:
ABCorp offers various products such as personalized EMV contact and Dual Interface debit and credit cards for the EMV cards market.
CPI Card Group Inc.
CPI Card Group Inc. operates business through Debit and credit, Prepaid debit, and Other. The company offers contact and dual interface EMV cards for small, mid-sized, and large financial card issuers.
Fiserv Inc. operates business through Payments and Industry Products, and Financial Institution Services. The company offers EMV cards under the brand, The Card Collection.
Read the 120-page report with TOC on "EMV Cards Market analysis report by technology (contactless and contact-based) and geography (APAC, North America, Europe, South America, and MEA), and the segment forecasts during 2021-2025". Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats.
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