Date: 25/05/2011

Contactless smart cards to grow by 24% CAGR during 2011-13 say RNCOS

According to RNCOS research report titled "Smart Card Market Forecast to 2012", the volume of shipment of contactless smart card is anticipated to surge at a CAGR of around 24% during 2011-2013. RNCOS says the key factor, which may contribute to the future growth of the contactless smart card market, will be the rollout of NFC, which will be supported by the widespread adoption of contactless transportation and payment systems. Recent years have witnessed contactless transportation making greater inroads into public transport systems around the world, with some notable switches to contactless single use ticketing as well.

According to RNCOS study, the rapid uptake of contactless payments from mobile phones and cards will raise the shipments of contactless smart cards during the next few years. Besides, the governments across the globe are playing an important role in facilitating the electronic payment mechanism. At the application front, banking and retail accounted for the maximum usage of contactless smart card followed by government ID-healthcare and transportation. Telecom sector has yet to implement contactless smart secure devices.