Smart Payment Association Releases Total Market Estimate 2014 Figures
In advance of Cartes America and Cards & Payments Middle East events, Smart Payment Association (SPA), the trade body of the smart payments industry, releases the latest figures from its annual review of the smart payments market.
In 2014, over 2050 million chip payment cards were shipped across the world. The figure was reached just three years after global shipments exceeded the one billion mark in 2011. Growth in the Chinese and US markets contributed to this significant increase – with issuers in the US rushing to meet the November 2015 liability shift. Detailed figures also confirmed the growing demand for ‘tap and go’ contactless payment across the world.
Contactless technology represented over 42% of total smart payment cards shipments globally in 2014, up from 37% in 2013. The data collated by the SPA – whose seven members represent around 75% percent of the total available market – also highlighted the primacy of the Dynamic Data Authentication (DDA) technology. DDA provides chip-and-PIN cards with high levels of protection against modification of data and card cloning. 70% of cards shipped in 2014 featured this technology – up from 66% in 2013.
Nicolas Raffin, new SPA President, commented, “The enthusiasm for new ways to pay, with more convenience and security, is driving the growth of contactless payment. “Across the world we have seen an increasing number of retailers actively promoting ‘tap and go’ payment for lower value purchases – reducing queuing and offering greater speed and convenience for customers at the point of sale. We expect this trend to continue to gather pace as we move through 2015.”