It Is Estimated That the Contactless Credit and Debit Card Market Will Be Worth $18 Billion By 2025
SmartMetric: The Contactless Payment Market Global Forecast to 2025report published by MarketsandMarkets says the global contactless credit/debit card payment market size is expected to grow from USD 10.3 billion in 2020 to USD 18.0 billion by 2025. This is at a Compound Annual Growth Rate (CAGR) of 11.7% during the forecast period. The major advantage offered by contactless payments is that customers can instantly complete transactions with the tap of a card. This increases the speed of transactions, making contactless payments even more efficient stated the MarketsandMarkets report.
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“There is little doubt that this Pandemic will have a lasting impact on the psyche of the public to the point that it will most definitely impact consumer tactile behavior going forward”
This research report was compiled prior to the COVID-19 Pandemic. The question now being asked in the credit and debit card industry is how will this Pandemic effect consumer behavior going forward. Will there be an aversion en masse to the touching of doors, buttons such as in elevators as well as devices such as card keypads used to enter a PIN at the store or ATM?
“There is little doubt that this Pandemic will have a lasting impact on the psyche of the public to the point that it will most definitely impact consumer tactile behavior going forward,” said today SmartMetric’s President & CEO, Chaya Hendrick.
The SmartMetric biometric activated credit and debit card that is turned on by the cardholders’ fingerprint is ideally suited for the future post COVID-19 Pandemic. The card is able to provide a much higher level of security and user identification than the very weak security of a PIN while coupled with the contactless wireless feature that allows the card user to never have to touch a publicly used pin pad or card reader when using their card in a store.
This higher level of security and absolute 100% identification validation of the card user means in-store card transaction spend limits for contactless “biometric” cards can be set to be the same as that for regular contact cards. This is a significant advantage of a biometric based contactless card. Regular non-biometric contactless cards usually have a very low in-store spend limit due to the inherent low user security of such cards. This lower level of security for contactless cards is transformed into a very high-level security when the contactless radio frequency technology in the card will only work following a 100% biometric identity validation, carried out by the cards internal fingerprint scanner.
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