NXP supplies nearly half of all secure ICs in payment cards, according to industry analysts IHS
Yersterday NXP announced that it is has extended its leadership in the market for secure ICs in payment cards with 48% market share in million units for 2013, growing from 32% in 2012. In its recent report, ‘Payment and Banking Cards Report – 2014,’ industry analyst IHS, a global leader in critical information and insight, reported that NXP notched a significant increase in total sales.
The figures represent the use of secure integrated circuits used in the production of credit and debit ‘smart cards’, and the report looks at the how payment cards are being developed and deployed around the globe. Use of secure ICs is not yet universal, but is growing as a proportion in both credit card and debit card applications. The report also projects future growth to 2019 and suggests that use of secure ICs will grow throughout the next five years.
There are close to 10 billion credit and debit cards in circulation globally, and approximately 50% of those are secure IC cards, also commonly referred to as EMV cards. The growth in this market is fuelled by the continuing IC card migration in China, the largest single card market country globally with 3.3 billion cards in circulation (majority magnetic strip), as well as recent migration to EMV in the US.
Additionally, in well-established chip card markets like Europe and Australia, the move toward dual-interface or contactless technologies fuels further growth and is expected to represent 76% of the total bank card shipments in 2017.