Shenzhen Rakinda Technologies Co., Ltd.

According to reports, IHS Technology’s latest report shows that 2014-2019 global smart card shipments are expected to increase by 2.1 billion, roughly equivalent to China, the United States, Indonesia and Brazil, the sum of the population.

Research predicts that smart card shipments in 2019 will increase from 1.8 billion in 2014 to 10.9 billion. In other words, only 2019 years of smart card shipments will allow the world’s 7.6 billion people per person to obtain 1.4 smart cards. Over the next five years, the main terminal industries that drive growth include bank payments, e-government, health care and transportation. As mobile phone sales slowdown, will lead to mobile phone user identity card (SIM) shipments tend to flat or decline, but the overall smart card market will continue to expand.

According to IHS Markit’s latest digital security report, the Indian smart payment card market is expected to grow from 157 million in 2016 to 342 million in 2021.

The smart payment card is a plastic credit card, debit card or prepaid card and embedded chip designed for secure EMV (Europay, MasterCard, and Visa) payments.

Cancels 500 and 1000 rupees denominations
India decided to cancel the 500 and November 2016 rupees of 1,000 rupees, which would result in an increase in our digital payments from 2017 to 2021, which would increase the demand for EMV payment cards. The country’s smart mobile payments and bankcard shipments are expected to grow strongly, from 1574 billion to 20.2 million in 2021.

Mobile payments will also flourish
The decision to abandon two of the highest denominations will also have a positive impact on the mobile payment sector, with mobile payment users in the industry surging. Companies such as Paytm, Mobikwik and Itzcash, have seen an important absorption of their mobile solutions due to the cancellation of these rupees. Samsung also launched in Samsung to pay for mobile payment solutions, Apple hopes to soon launch Apple in the country to pay.

The phone has a unique advantage that can help overcome some of the challenges posed by India’s payment environment. By scanning QR code reader Mobile devices provide a low-cost way to create financial access and pay. Improvements in telecom infrastructure, access to the Internet and low-cost smartphones will eliminate hardware requirements based on fixed line connections. Mobile payments can eliminate traditional entry processes and reduce business acceptance of hardware costs, authentication, and connectivity.

The initial growth comes from high-value consumers and business users
The expansion of the Indian smart payment card market will focus on highly disposable income and consumers of business users until the credit card is more attractive to the middle-class aspiring younger generation.
The development of payments and bank cards was originally carried out in Indian cities and metropolitan areas, where these areas often have more advanced infrastructure and high-value customers than rural areas.

RAKINDA engaged in barcode technology research and development for more than 17 years, we have a mature R & D team and overseas markets, we can help you quickly and easily realize unattended dream.