Smart Card Market, Estimating Global Revenues to Surpass US$ 15,050.2 Mn By 2024

Jul 12, 2016 According to the latest market report published by Persistence Market Research, titled  Global Market Study on Smart Cards: Established Players Are Focusing on Smart Card Products For Telecom Application In Emerging Economies to Gain Better Market Access over Forecast Period 2016 – 2024. Smart cards continue to gain traction in terms of application in sectors such as telecom, government, and financial services. Global smart card market volume is expected to surpass 9,715 Mn units in 2016, representing market value of over US$ 8,576.3 Mn.

Smart card demand is escalating owing to high volume of adoption for government identity cards. In addition, increasing adoption of EMV chip technology as the global standard for credit card and debit card payments is projected to boost global sales of smart cards.

Contact cards will continue to be the largest card segment in 2016 as well, representing 64.0% revenue share of the global market. Contactless card – another key card type segment – is expected to account for US$ 1,735.0 Mn in 2016, which is an increase of 13.3% over 2015.

Among all smart card component types, micro-controller cards segment is expected to continue to account for highest value contribution, representing 71.5% revenue share of the global market in 2016.

Asia Pacific will continue to lead, with revenue share increasing to 47.9% in 2016. Increasing adoption of SIMs, EMV cards for banking applications, and increasing adoption of multi-use e-IDs for transportation and government sectors is anticipated to fuel growth of the smart card market in the region over the forecast period.

Gemalto N.V., Giesecke Devrient GmbH, Oberthur Technologies, and Morpho S.A (Safran) are some of the leaders in the global smart card market. The global smart card market is highly fragmented, with the top three players accounting for around 59.0% revenue share in 2015. Leading companies are looking to expand their production capacity, especially in Asia Pacific, which is one of the major smart card markets. Companies are also focussing on launching new smart card products for government and transportation applications, in a bid to cater to the growing demand for smart cards in emerging economies. The escalating demand for SIMs for telecom application is anticipated to boost growth of the smart card market. Developing economies are expected to remain key target markets for smart card manufacturers in 2016 and beyond.

Long-term outlook: PMR maintains a positive long-term outlook on the global smart card market, estimating global revenues to surpass US$ 15,050.2 Mn by 2024. In terms of volume, the global smart card market is anticipated to expand at a CAGR of 9.6% over 2016 – 2024.

PayPal and Visa Enter Partnership to Extend Consumer Payment Choice

Companies Collaborate to Accelerate the Adoption of Digital Payments

SAN JOSE, Calif. & SAN FRANCISCO–(BUSINESS WIRE)–Jul. 21, 2016– PayPal(NASDAQ:PYPL) and Visa (NYSE:V) today announced a U.S. strategic partnership that will result in an improved and more seamless payment experience for Visa cardholders and will offer greater choice in how consumers pay with the PayPaland Venmo wallets.

The partnership puts PayPal and Visa on a new path, with the companies working more collaboratively to accelerate the adoption of safe, reliable and convenient digital payments for consumers and merchants. Further, the arrangement is designed to carry significant benefits for issuing financial institutions, acquirers, and merchants. For issuing institutions, these include a better customer experience, more spending volume on their credit and debit cards, lower operational costs, and improved security. Merchants will also benefit from the improved customer experience, efficiency, and security, which together will help drive increased sales.

Details of this agreement include:

  • Enhanced Consumer Choice and Improved Experience for Visa Cardholders: PayPal will make it easier for new and existing customers to choose to pay with their Visa cards and ensure a more seamless experience:
    • Visa cards will be presented as a clear and equal payment option during enrollment and subsequent payments, with an easy ability for consumers to set as their preferred payment method
    • Visa digital card images will be incorporated into payment flows
    • PayPal will not encourage Visa cardholders to link to a bank account via ACH
    • PayPal will also support and work with issuers to identify consumers who choose to migrate existing ACH payment flows to their Visa cards
  • PayPal will Join the Visa Digital Enablement Program (VDEP) to Expand Point of Sale Acceptance: PayPal will join VDEP, a commercial framework for Visa partners to access Visa’s token services and other digital capabilities in the United States. This will enhance transaction security and expand acceptance for PayPal’s digital wallet to all physical retail locations where Visa contactless transactions are enabled. Consistent with VDEP, issuers will be able to choose whether to participate and retailers can expect to pay fees that are consistent with other contactless transactions they accept today.
  • Instant Withdrawal of Money: Consumers will be able to instantly withdraw and move money from their PayPal and Venmo accounts to their bank account via their Visa debit cards leveraging Visa Direct – providing an experience that offers speed, security and convenience.
  • Enhanced Data Quality: PayPal will ensure that data provided to issuers and their cardholders for Visa-funded transactions will be consistent with the information that is received with traditional Visa card transactions. This will ensure a better consumer experience, reduce cardholder confusion, ensure proper application of rewards, and reduce costly and time-consuming disputes.
  • Economic Incentives: The agreement affords PayPal certain economic incentives, including Visa incentives for increased volume, and greater long-term Visa fee certainty.

“Giving consumers choice in how and where they pay is essential to our goal of being a customer champion and we welcome the opportunity to work with more partners like Visa who share our vision,” said Dan Schulman, president and chief executive officer, PayPal. “This agreement opens new avenues for PayPal to collaborate with Visa, financial institutions, and others in the payments ecosystem to deliver greater value, more choice, and new experiences for our joint customers wherever they transact – online, in-app or in-store.”

“We are excited to begin a new chapter with PayPal. Our agreement provides a framework for our companies to work together collaboratively,” said Charlie Scharf, chief executive officer, Visa. “PayPal has built industry leading capabilities which complement those of Visa and our clients, and working together, we will be able to deliver better solutions for consumers and merchants. At Visa, we are focused on growth by providing our issuer and acquirer clients – and their clients, merchants and consumers – with the best way to pay and be paid everywhere and this agreement supports this approach.”

About PayPal

At PayPal (Nasdaq: PYPL), we put people at the center of everything we do. Founded in 1998, we continue to be at the forefront of the digital payments revolution. PayPal gives people better ways to manage and move their money, offering them choice and flexibility in how they are able to send money, pay or get paid. We operate an open, secure and technology agnostic payments platform that businesses use to securely transact with their customers online, in stores and increasingly on mobile devices. In 2015, 28% of the 4.9 billion payments we processed were made on a mobile device. PayPal is a truly global payments platform that is available to people in more than 200 markets, allowing customers to get paid in more than 100 currencies, withdraw funds to their bank accounts in 56 currencies and hold balances in their PayPal accounts in 25 currencies. For more information on PayPal, visit https://www.paypal.com/about. For PYPL financial information, visit https://investor.paypal-corp.com.

About Visa Inc.

Visa Inc. (NYSE:V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa,visacorporate.tumblr.com and @VisaNews.

Can I use CenPOS gateway for Quickbooks electronic invoicing EIPP alternative?

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Intuit PaymentNetwork is an electronic invoicing and payment service to accept credit cards, debit cards and ACH payments. CenPOS is a univeral payment processing network that streamlines the payment experience for merchants and customers through all sales channels, and multiple payment types. The CenPOS Quickbooks plugin is easy to use increases profits and cashflow vs Intuit einvoicing solution.

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When comparing CenPOS vs Intuit’s Quickbooks EIPP solutions, CenPOS is a far more robust and powerful solution to maximize profits. Contact us for the free plugin and CenPOS services.

Financial CHOICE Act Will Turbocharge the American Economy

Washington, June 28, 2016 – 15 national conservative organizations and prominent activists announced they “wholeheartedly endorse” the Financial CHOICE Act, saying the Republican plan to replace the failed Dodd-Frank Act will “turbocharge the American economy.”

“If we want the economy to improve — if we want to give all Americans the chance to prosper again — we need to put an end to Washington’s destructive regulatory agenda once and for all,” the conservative groups write in their endorsement letter.  “The Financial CHOICE Act aims to curb regulations to create opportunity and choice for investors, consumers, and entrepreneurs nationwide.”

The conservative organizations highlighted key features of the Financial CHOICE Act in their endorsement, noting the Republican plan will end taxpayer-funded bailouts for “too big to fail” banks, demand accountability from financial regulators, and “end the crony debit card price control scheme.”

“The Financial CHOICE Act will replace Dodd-Frank’s Orderly Liquidation Authority, which allows financial institutions to be bailed out at the taxpayers’ expense, with a newly updated subchapter of the bankruptcy code.”

“The Durbin Amendment imposed price controls and other mandates on debit card transaction fees with the false promise that billions would be passed on to consumers. Consumers have not received the promised discount. In fact, studies show that many consumers have lost access to free checking and debit card rewards as a result.”

“Housed at the Federal Reserve, the CFPB has the ability to put entire industries out of business with the snap of its fingers. Its unelected director can simply declare financial products “abusive” and outlaw them without Congressional approval. The Financial CHOICE Act will replace the single director with a bipartisan, five-member committee subject to congressional oversight and appropriations.”

“Dodd-Frank is a failure.  Democrats told us it would ‘promote financial stability,’ ‘end Too Big to Fail,’ and ‘lift the economy.’  But Dodd-Frank has done the exact opposite,” said House Financial Services Committee Chairman Jeb Hensarling (R-TX).  “The Financial CHOICE Act offers economic growth for all and bank bailouts for none.  It’s the Republican plan to reignite growth by replacing Dodd-Frank with real reforms that work.”

To read the letter, click here. (PDF download from Federal website)

To learn more about the Financial CHOICE Act, visit FinancialServices.house.gov/CHOICE.