News

EMV cards to grow by $800M by 2024

November 26, 2019

The global EMV card market is expected to grow by $803.2 million between 2020-2024 and is currently growing at an annual rate of 7%, according to a report by Technavio. 

The growth will largely be driven by the demand for EMV cards and in particular the increased use of EMV biometric cards.

EMV cards provide better security to merchants, banks and cardholders in contrast to traditional magnetic stripe cards. The cards are more difficult to clone due to the fact they have embedded smart chips and either end-to-end or point-to-point encryption. 

The cards also provide support for contactless payments, which is increasing in markets across the globe. 

The top five players in the market include American Banknote Corp., CPI Card Group, Fiserv, Giesecke+Devrient GmbH and Goldpac Group Ltd.

Cover image: Technavio.