financial cards and payments market
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Adoption of Smart Cards <strong>and</strong> Proximity Cards Furthering Global<br />
Financial Cards <strong>and</strong> Payments Market<br />
Persistence Market Research Released New Market Report on “ Adoption of Smart Cards<br />
<strong>and</strong> Proximity Cards Furthering Global Financial Cards <strong>and</strong> Payments Market”.<br />
Electronic payment through <strong>financial</strong> <strong>cards</strong> <strong>and</strong> payment systems is on the rise across the<br />
world. On account of the convenience <strong>and</strong> higher availability offered, <strong>financial</strong> <strong>cards</strong> <strong>and</strong><br />
payment systems have witnessed higher penetration in numerous economies across the world.<br />
Traditional payment systems such as cash <strong>payments</strong>, dem<strong>and</strong> drafts <strong>and</strong> other payment<br />
certificates have become obsolete due to technological advancements in <strong>financial</strong> <strong>cards</strong> <strong>and</strong><br />
payment systems. Through <strong>financial</strong> <strong>cards</strong> <strong>and</strong> payment systems, numerous <strong>financial</strong><br />
transactions can be executed between entities located anywhere in the world. Financial <strong>cards</strong><br />
including debit <strong>cards</strong>, credit <strong>cards</strong>, charge <strong>cards</strong>, ATM <strong>cards</strong>, fleet <strong>cards</strong> <strong>and</strong> stored value <strong>cards</strong><br />
are widely used for different types of <strong>financial</strong> transactions. Other types of <strong>financial</strong> <strong>cards</strong><br />
including Scrip, gift <strong>cards</strong> <strong>and</strong> electronic purse have gained popularity <strong>and</strong> serve to a very niche<br />
<strong>market</strong>. Financial <strong>cards</strong> are deployed using numerous technologies such as embossing,<br />
magnetic stripe <strong>cards</strong>, smart <strong>cards</strong>, proximity <strong>cards</strong> <strong>and</strong> re-programmable magnetic stripe <strong>cards</strong>.<br />
Magnetic stripe were highly adopted in the global credit <strong>and</strong> debit <strong>cards</strong> due to inefficiencies in<br />
the embossing technology. However, due to factors such as magnetic interference <strong>and</strong><br />
possibility of damage to the magnetic stripe, the magnetic stripe <strong>cards</strong> were replaced by other<br />
technologies such as smart <strong>cards</strong> <strong>and</strong> proximity <strong>cards</strong>. The smart card technology uses an<br />
integrated circuit chip (ICC) which can process <strong>financial</strong> transactions with higher efficiency as<br />
compared to magnetic stripe <strong>cards</strong>. Proximity <strong>cards</strong> are contactless integrated circuit devices<br />
which make use of radio frequency identification (RFID) technology <strong>and</strong> are powered by<br />
resonant energy transfer. Proximity <strong>cards</strong> are gaining immense popularity in private payment<br />
systems <strong>and</strong> public transit <strong>payments</strong>. Financial payment systems include various types of<br />
payment methods such as bank transfers, E-wallets, direct debit <strong>and</strong> other mobile payment<br />
solutions. Users across the world make use of such payment systems to electronically transfer<br />
cash directly to merchant’s account. Unlike <strong>financial</strong> <strong>cards</strong> where the <strong>payments</strong> takes place<br />
through point of sale (PoS) systems, payment systems enable users to authenticate <strong>and</strong><br />
execute <strong>financial</strong> transactions over the internet.<br />
Browse Full Report: http://www.persistence<strong>market</strong>research.com/<strong>market</strong>-research/<strong>financial</strong><strong>cards</strong>-<strong>and</strong>-<strong>payments</strong>-<strong>market</strong>.asp<br />
One of the major factors driving the growth of <strong>financial</strong> <strong>cards</strong> <strong>and</strong> <strong>payments</strong> <strong>market</strong> is the rise of<br />
ecommerce. Increasing penetration of online stores for numerous products <strong>and</strong> services has<br />
Persistence Market Research 2
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