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The global smart card market is expected to grow at a compound annual growth rate of 6.82% over the forecast period to reach a market size of US$14.114 billion in 2026 from US$8.894 billion in 2019.
The market is expected to surge in the coming years, because of the rise in the need for security applications and services, that employs critical and imperative information and data, documents, and several other credentials. The adoption of contactless smart card technology is also expected to be a major factor in overall market growth. The market is also expected to surge because of the rise and advancement in the financial and banking sector, worldwide. According to the world bank, a robust banking structure, and system, efficiently flow and send funds towards their productive tasks and uses, maintain financial safety nets, help governments raise investment capital, and speed payments, globally.
/PRNewswire/ The "Smart Card Market - Forecasts from 2021 to 2026" report has been added to ResearchAndMarkets.com s offering. The global smart card market.
RIYADH: The Saudi Telecom Company (STC) mobile wallet app STC Pay has partnered with French technology provider Thales to introduce contactless cards into the Kingdom.
This will enable payments at point of sales (POS) machines, e-commerce transactions and cash withdrawals at local and international ATMs.
The digitized and fully customizable cards are compatible with Apple Pay and Mada Pay, providing secure payments for both iPhone and Android users. STC Pay customers will be able to order the card, activate, deactivate and set spending limits through their mobile application.
Ahmed Alenazi, STC Pay CEO, said that the cards would provide customers with digital payment solutions that were fast, convenient and, above all, secure.