India, China, Thailand lead APAC smart card market adoption

The global smart card market will surpass $65b by 2025.

India, China and Thailand are leading the smart card growth in Asia Pacific, according to a study by Global Market Insights.

The global smart card market is poised to reach a value of over $65b by 2025 amidst growing adoption of cashless transactions, the study revealed.

In particular, these three countries are leading the growth in the transportation, retail, government, and banking, financial services and insurance (BFSI) healthcare sectors. Citing data from Credit Suisse, digital transactions in India are likely to eclipse $1t by 2023.

India, together with Germany, US and other states, has also introduced healthcare cards for residents to improve communication between patients and doctors.

Widespread cyberattacks and data breaches would complement market growth over the forecast period, the report stated, and will call for more portable and secure data storage processors. Biometrics are seen to diminish the need for putting PINs into smart cards for safer transactions.

Governments of developing countries are spearheading the adoption of digital and smart card payments in their own markets. For example, the Department of Home Affairs in Krugersdorp, South Africa are assisting people over 16 years old in acquiring their smart identification cards.

Photo courtesy of Pexels.com.

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