PAYMENT CARD TECHNOLOGY REVENUE TO EXCEED US$11.7 BLN GLOBALLY IN 2026 - JUNIPER RESEARCH

KUALA LUMPUR, Feb 28 (Bernama) -- Global payment card shipment revenue for technology companies will reach US$11.7 billion in 2026, from US$9.7 billion in 2022. (US$1 = RM4.198), based on a new Juniper Research study.

According to the study, this 20 per cent increase reflects new innovations emerging in the payment cards space while the contactless cards roll-out is reaching its latter stages.

The new research, Payment Card Technologies: Segment Analysis, Vendor Strategies & Market Forecasts 2022-2026, predicted the introduction of biometric cards, metal cards and dynamic CVV (Card Verification Value) cards as being majorly disruptive trends over the next five years.

These new card types all have the same aim – to make cards fit for the new digital-first payments ecosystem, Juniper Research said in a statement.

The research found that these new card types will help evolve the payment experience for the digital age, increasing security and useability; making card usage more appealing in the face of increasing mobile-first payment innovations.

Research co-author Damla Sat explained: “Banks and card issuers need to differentiate themselves to retain relevance in the digital payments era – adding value to their services by using new card types can add significant value and reduce churn with existing relationships.”

The research also found that the use of biometric cards, which feature embedded fingerprint sensors, will grow significantly, with shipments expected to increase by almost 850 per cent over the next five years to 173 million in 2026 globally.

Biometric cards will enable card payments to better compete with mobile payments, including Apple Pay and Google Pay, eventually allowing payment cards to have no transaction limits. The report recognised this development as critical in removing the barriers to growth for contactless payments.

Juniper Research provides research and analytical services to the global hi-tech communications sector, providing consultancy, analyst reports and industry commentary.

-- BERNAMA