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
|
Regions and Countries Covered | North America
|
Market leaders and key company profiles |
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.
- 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
Testimonials

I wish to appreciate your support and the professionalism you displayed in the course of attending to my request for information regarding to infectious disease IVD market in Nigeria. I appreciate your patience, your guidance, and the fact that you were willing to offer a discount, which eventually made it possible for us to close a deal. I look forward to engaging The Insight Partners in the future, all thanks to the impression you have created in me as a result of this first encounter.
DR CHIJIOKE ONYIA, MANAGING DIRECTOR, PineCrest Healthcare Ltd.
The Insight Partners delivered insightful, well-structured market research with strong domain expertise. Their team was professional and responsive throughout. The user-friendly website made accessing industry reports seamless. We highly recommend them for reliable, high-quality research services
Yukihiko Adachi CEO, Deep Blue, LLC.Reason to Buy
- Informed Decision-Making
- Understanding Market Dynamics
- Competitive Analysis
- Customer Insights
- Market Forecasts
- Risk Mitigation
- Strategic Planning
- Investment Justification
- Identifying Emerging Markets
- Enhancing Marketing Strategies
- Boosting Operational Efficiency
- Tracking Industry Innovations
- Aligning with Regulatory Trends
Yes! We provide a free sample of the report, which includes Report Scope (Table of Contents), report structure, and selected insights to help you assess the value of the full report. Please click on the "Download Sample" button or contact us to receive your copy.
Absolutely — analyst assistance is part of the package. You can connect with our analyst post-purchase to clarify report insights, methodology or discuss how the findings apply to your business needs.
Once your order is successfully placed, you will receive a confirmation email along with your invoice.
• For published reports: You’ll receive access to the report within 4–6 working hours via a secured email sent to your email.
• For upcoming reports: Your order will be recorded as a pre-booking. Our team will share the estimated release date and keep you informed of any updates. As soon as the report is published, it will be delivered to your registered email.
We offer customization options to align the report with your specific objectives. Whether you need deeper insights into a particular region, industry segment, competitor analysis, or data cut, our research team can tailor the report accordingly. Please share your requirements with us, and we’ll be happy to provide a customized proposal or scope.
The report is available in either PDF format or as an Excel dataset, depending on the license you choose.
The PDF version provides the full analysis and visuals in a ready-to-read format. The Excel dataset includes all underlying data tables for easy manipulation and further analysis.
Please review the license options at checkout or contact us to confirm which formats are included with your purchase.
Our payment process is fully secure and PCI-DSS compliant.
We use trusted and encrypted payment gateways to ensure that all transactions are protected with industry-standard SSL encryption. Your payment details are never stored on our servers and are handled securely by certified third-party processors.
You can make your purchase with confidence, knowing your personal and financial information is safe with us.
Yes, we do offer special pricing for bulk purchases.
If you're interested in purchasing multiple reports, we’re happy to provide a customized bundle offer or volume-based discount tailored to your needs. Please contact our sales team with the list of reports you’re considering, and we’ll share a personalized quote.
Yes, absolutely.
Our team is available to help you make an informed decision. Whether you have questions about the report’s scope, methodology, customization options, or which license suits you best, we’re here to assist. Please reach out to us at sales@theinsightpartners.com, and one of our representatives will get in touch promptly.
Yes, a billing invoice will be automatically generated and sent to your registered email upon successful completion of your purchase.
If you need the invoice in a specific format or require additional details (such as company name, GST, or VAT information), feel free to contact us, and we’ll be happy to assist.
Yes, certainly.
If you encounter any difficulties accessing or receiving your report, our support team is ready to assist you. Simply reach out to us via email or live chat with your order information, and we’ll ensure the issue is resolved quickly so you can access your report without interruption.















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.


