EMV Cards Market Analysis, Share and Size, Emerging Trends, Overview and Outlook, Growth And Segment Forecasts To 2020
Technavio Announces the Publication of its Research Report Global EMV Cards Market 2016-2020 Technavio recognizes the following companies as the key players in the global EMV cards market: ABnote, CPI Card, Gemalto, Giesecke & Devrient, Morpho, Oberthur Technologies, and Perfect Plastic Printing. Commenting on the report, an analyst from Technavio’ s team said: “Adoption of electronic purses will be a key trend for market growth. An electronic purse is similar to an EMV card. It enables monetary transactions in a manner similar to a credit or debit card. These purses help in eliminating the need to carry cash and help consumers keep their money safe. Adoption of electronic purses is increasing significantly and is expected to support growth in the EMV cards market.� Browse full report with TOC@ https://marketreportscenter.com/reports/368521/global-emv-cardsmarket-2016-2020 According to the report, one of the key drivers for market growth will be the need for tamper-resistant payment systems. Cards that use magnetic tapes to store users' details can easily be tampered with and the information stored on tapes can be retrieved or destroyed. If these cards are lost or stolen, there are high chances of monetary losses. In contrast, EMV cards are tamper-free as the information is stored on a chip, making it difficult to decode users' details. The customer data stored in these cards are thus more secure.Thus, banks are encouraged to issue EMV cards instead of traditional magnetic tape-based debit and credit cards. These banks are also implementing initiatives to promote the use of EMV cards, as it ensures secure transactions. Further, the report states that complexity of EMV card chips will be a major challenge for the market. EMV cards come with a chip embedded in it to store financial information. The chip has a unique access code. It uses advanced technologies and is more complex to use than magnetic tape cards. Such process of encoding the chip with information about the customer takes time for the issuer to deliver card to the customer.Complexity in terms of technology is restricting the vendors to achieve economies of scale. In addition, the price wars will affect the profitability of the vendors. The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.