smart payment

According to the Smart Payment Association, 2.3 billion payment chip cards were shipped globally in 2017 by its members.

Contactless cards account for over 70% of the shipments and strong demand has been observed in all South Asian markets with year-on-year volumes more than doubling in Indonesia.

“The continued acceleration of contactless card shipments is being fuelled by a strong consumer appetite for convenient ways to conduct small transactions across Europe, the Middle East, Africa, Latin America and Asia Pacific, supported by the wider deployment of contactless POS terminals and by shemes’ mandates,” says Julien Drouet, President, Smart Payment Association.

The sustained growth recorded in India and South Asian countries, especially Indonesia, is a result of the transition to EMV which is currently underway.

EMV chip technology is a global standard for credit card and debit card payments, originally developed by Europay, MasterCard and Visa.

Shipment volumes in China and the US continue to normalise following the significant EMV roll-out programmes of recent years.

The 2017 global shipment figures also highlight the escalating popularity of ‘tap and go’ transactions.

The Smart Payment Association addresses the challenges of the evolving payment ecosystem, offering leadership and expert guidance to help its members and their customers realise the opportunities of smart, secure and personalised payment systems.