Smart payment card shipments rose 5%, hitting 2.75 billion, in 2019, driven by large global demand, particularly in the U.S. and Latin America, according to the Smart Payment Association.

The SPA said 59% of card shipments had contactless functionality, a 14% increase from 2018, according to a press release. This was driven mainly by growing awareness of the speed and convenience of contactless and rapid deployment of contactless point-of-sale infrastructure. 

"The significant growth in shipments in 2019 illustrates the continued commitment of the financial community to providing customers with the most secure and convenient ways to pay," Alain Martin,SPA president, said in the release. "Indeed, as financial systems and technologies evolve, we see the new generation of fintech companies, and even tech giants, providing physical payment cards — a reflection that, despite the hype of digital currencies and other non-cash mechanisms, the smart payment card is a powerful tool for customer retention and remains the preeminent option for payment worldwide."