Smart Payment Association shows chip card, contactless gains in 2018
Approximately 2.6 billion smart payment cards were shipped globally in 2018, according to data from the Smart Payment Association.
The data shows that 68% of U.S. storefronts now accept chip cards, though demand for the technology remains relatively limited in the more mature European market, according to a press release from SPA.
The report also shows that Europe led all regions in the growth of contactless cards in 2018, with 83% of shipments including contactless functionality.
"With the success of recent migration programs in the United States and India, focus is shifting to [the] Middle East and across Asia Pacific, where increasing demand for security and convenience is driving growth in both contact and contactless shipments," SPA President Andreas Strobel said in the release.
In India, EMV growth was strong due to a December 2018 government deadline to convert all existing debit and credit cards to chip and PIN. Similar patterns were seen across the Asia Pacific market, particularly in Indonesia, according to SPA.
Russia and the Commonwealth of Independent States experienced a slight decrease in demand in 2018, following a push the previous year to enroll citizens in Russia's Mir national payments system established by law May 1, 2017, and operated through the Central Bank of Russia.