Banking and Payment Smart Card Market Overview, Growth, and Oppotunities by 2031

Historic Data: 2021-2023   |   Base Year: 2024   |   Forecast Period: 2025-2031

Coverage: Banking and Payment Smart Card Market covers analysis By Type (Contact Smart Cards, Contactless Smart Cards, Dual-interface Smart Cards, Memory Chip-Only Smart Cards, and Microprocessor Smart Cards), End-User (BFSI, IT & Telecommunication, Government, Transportation), and Geography

  • Report Date : Aug 2025
  • Report Code : TIPRE00021362
  • Category : Banking, Financial Services, and Insurance
  • Status : Upcoming
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 150

The Banking and Payment Smart Card market is expected to register a CAGR of 7.1% in 2023–2031. Mobile wallet integration and eco-friendly smart cards are likely to remain key Banking and Payment Smart Card market trends.

Banking and Payment Smart Card Market Analysis

The popularity of contactless payment cards has grown dramatically in recent years all around the world. Smart cards are small, light, and convenient, and they support a variety of uses in addition to credit and debit payments. They can be configured as contact, contactless, or dual-interface cards. These multi-application cards are exceptionally safe because of their integrated chip, compliance with international EMVCo standards, and data encryption.

Banking and Payment Smart Card Market Overview

Banks and credit card companies have also been promoting the usage of contactless smart cards, and the COVID-19 pandemic has only aided their efforts. By mid-2021, Visa had 93 million contactless smart cards in circulation. Smart cards have emerged as a key payment channel, providing an alternative to existing payment methods such as ACH and EDI payments. With the increase in digital transactions, the demand for safe payment methods has encouraged the development of smart cards equipped with EMV chips and encryption technology.

REGIONAL FRAMEWORK

Banking and Payment Smart Card Market Drivers and Opportunities

Rising Contactless Payments to Favor Market

The global trend toward a more convenient and seamless payment experience has fueled the growth of contactless payments. Consumers are embracing the convenience and speed of tapping their cards or using mobile payment apps to complete transactions as technology advances. Contactless payments make it easier and faster to conduct transactions. Customers admire how easy it is to make transactions by simply tapping their card or phone, eliminating the need for physical interaction or the difficulty of entering a PIN. In recent years, contactless payments have achieved widespread acceptability. More businesses, including shops, restaurants, and transit providers, have integrated contactless payment terminals, making it easier for customers to use this payment method across a wide range of industries. This has been driving the demand for banking payment smart cards in the market.

Enhanced Security – An Opportunity in Banking and Payment Smart Card

Contactless payments use robust security safeguards to protect consumer data. Technologies such as tokenization and encryption ensure that sensitive data is transferred securely during transactions, reducing the chance of fraud and unauthorized access. Biometric technologies, such as fingerprint or facial recognition, are increasingly being integrated into smart cards to improve security and consumer convenience.

Banking and Payment Smart Card Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Banking and Payment Smart Card market analysis are type and end user.

  • Based on type, the Banking and Payment Smart Card market is divided into contact smart cards, contactless smart cards, dual-interface smart cards, memory chip-only smart cards, and microprocessor smart cards. The contact smart cards segment held a larger market share in 2023.
  • By end user, the market is segmented into BFSI, IT & telecommunication, government, and transportation. The BFSI segment held the largest share of the market in 2023.

Banking and Payment Smart Card Market Share Analysis by Geography

The geographic scope of the Banking and Payment Smart Card Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

North America has dominated the Banking and Payment Smart Card market. Rapid developments in payment technology in North America countries are driving the demand for banking and payment smart cards in the region. The Banking and Payment Smart Card market is undergoing substantial development in North America, which can be attributed to the rapid digital transformation in the BFSI sector's large consumer base.

MARKET PLAYERS

Banking and Payment Smart Card Market Report Scope

Banking and Payment Smart Card Market News and Recent Developments

The Banking and Payment Smart Card market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for banking and payment smart cards and strategies:

  • Thales Group announced the SafeNet IDPrime FIDO Bio Smart Card, a security key that enables strong multi-factor authentication (MFA) for the enterprise. This new contactless smart card allows users to quickly and securely access enterprise devices, applications, and cloud services using a fingerprint instead of a password. The SafeNet IDPrime FIDO Bio Smart Card facilitates end-user adoption of passwordless MFA, allowing users to easily enroll and authenticate using biometrics. (Source: Thales Group, Press Release, 2023)

Banking and Payment Smart Card Market Report Coverage and Deliverables

The “Banking and Payment Smart Card Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Market dynamics such as drivers, restraints, and key opportunities
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
  • Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
  • Detailed company profiles

Banking and Payment Smart Card Report Scope

Report Attribute Details
Market size in 2024 US$ XX million
Market Size by 2031 US$ XX Million
Global CAGR (2025 - 2031) XX%
Historical Data 2021-2023
Forecast period 2025-2031
Segments Covered By Type
  • Contact Card
  • Contactless Card
By Application
  • Financial Transaction
  • Physical Access Control
  • Communication
  • Government Programs
  • Information Security
  • Transportation
  • Retail and Loyalty
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • American Express Company
  • Atmel Corporation
  • CardLogix Corporation
  • Giesecke+Devrient GmbH
  • HID Global Corporation
  • IDenticard Systems
  • Infineon Technologies AG
  • Mastercard
  • Thales Group

  • Frequently Asked Questions

    What is the estimated growth rate for the global Banking and Payment Smart Card market in 2023?

    The global banking and payment smart card market is expected to grow at a CAGR of 7.1% during the forecast period 2023 - 2031.

    What are the driving factors impacting the global Banking and Payment Smart Card market?

    Growing demand for contactless payments and digital transformation and mobile payments are the major factors that propel the global banking and payment smart card market growth.

    What are the future trends of the global Banking and Payment Smart Card market?

    Biometric Authentication and mobile wallet integration are anticipated to bring new banking and payment smart card market trends in the coming years.

    Which are the key players holding the major market share of the global Banking and Payment Smart Card market?

    The key players holding majority shares in the global Banking and Payment Smart Card market are CardLogix Corporation, Entrust Corporation, Arm Limited, and Giesecke.

    Which type segment held the major share in 2023?

    In terms of revenue, the contact smart cards held the major market share in 2023.

    Ankita Mittal
    Ankita Mittal
    Manager,
    Market Research & Consulting

    Ankita is a dynamic market research and consulting professional with over 8 years of experience across the technology, media, ICT, and electronics & semiconductor sectors. She has successfully led and delivered 100+ consulting and research assignments for global clients such as Microsoft, Oracle, NEC Corporation, SAP, KPMG, and Expeditors International. Her core competencies include market assessment, data analysis, forecasting, strategy formulation, competitive intelligence, and report writing.

    Ankita is adept at handling complete project cycles—from pre-sales proposal design and client discussions to post-sales delivery of actionable insights. She is skilled in managing cross-functional teams, structuring complex research modules, and aligning solutions with client-specific business goals. Her excellent communication, leadership, and presentation abilities have enabled her to consistently deliver value-driven outcomes in fast-paced and evolving market environments.

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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    The List of Companies

    1. American Express Company
    2. Atmel Corporation
    3. CardLogix Corporation
    4. Giesecke+Devrient GmbH
    5. HID Global Corporation
    6. IDenticard Systems
    7. Infineon Technologies AG
    8. Mastercard
    9. Thales Group
    10. Visa Inc.

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