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Chip cards taking over in the payments space

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More than 2,15-billion payment chip cards were shipped globally in 2016, an increase of 4% on 2015 figures.
This is according to the Smart Payment Association (SPA), the trade body of the smart payments industry, which has revealed top level findings from its 2016 annual review of the smart payments market.
“Following significant EMV roll-out programs in the US and China, 2016 saw shipment volumes begin to normalize to reflect growing market maturity in most major global markets,” says Sylvie Gibert, president of the SPA.
The global shipment data also highlights a significant upturn in demand in the South Asia region. India experienced a five-fold increase in shipments on 2015 figures as it began to fast-track its EMV migration program.
The figures also confirm a surge in demand for contactless payment cards – in response to growing consumer appetite for convenient ways to conduct small transactions.
The SPA is engaged in extensive market monitoring activities, using the data sets it collects to generate independently verified market statistics and reports; data it has provided as a free benefit to SPA members.
In an important step, the SPA has responded to wider audience demands for access to this proprietary data, and will be launching two new Market Monitoring Advisory Councils. For the first time non-SPA member organisations, operating in the wider payment ecosystem, will be able to participate in the payment market monitoring activities of the SPA and access the most up-to-date market data available.