The global EMV card market was valued at USD 26.74 billion in 2024 and is projected to reach USD 65.68 billion by 2034, growing at a CAGR of 9.40% (2025β2034).
π Key Insights:
Market size: USD 26.74B (2024) β USD 65.68B (2034)
CAGR: 9.40% (2025β2034)
Contact EMV cards dominate with ~60% share (2024)
Financial transactions hold the largest application segment (~46% share in 2024)
Asia-Pacific is expected to lead global adoption
An EMV card (Europay, Visa, Mastercard) is a chip-enabled payment card designed to enhance transaction security. Unlike traditional magnetic stripe cards, EMV cards use embedded microprocessor chips that create a unique transaction code for every purchase.
Types of EMV cards include:
Chip-and-PIN β Authentication via PIN entry
Chip-and-Signature β Verification via signature
Since their global rollout in the 1990s, EMV cards have become the gold standard for card-based security, offering stronger protection against fraud and widespread global adoption.
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Increasing shift toward cashless payments worldwide.
More than 50% of Americans own at least two credit card accounts.
India: Over 974 million active debit card users as of 2024.
Growing digitalization in payments is fueling demand for secure card technologies.
EMV cards use encryption + unique transaction codes, reducing fraud risks.
Increasing cybercrime in payment systems is pushing adoption.
High infrastructure costs β Merchants must install EMV-compatible POS terminals.
Compliance challenges β Banks & vendors face added costs for software/hardware updates.
Fraud risk persists β Despite chip security, cases of EMV card fraud are rising (UK recorded a 12% increase in 2024).
Beyond financial transactions, EMV cards are being adopted for:
π Transport systems
π₯ Healthcare records
π’ Access control systems
πͺͺ Identification documents
Fime (Oct 2024): Launched the worldβs first EMV C-8 Contactless Kernel Specification to streamline payment terminal development.
NMI (Apr 2024): Released ID TECH VP3350 mobile card reader, enabling mobile EMV payments for SMEs on Android & iOS.
These innovations are expected to boost adoption among merchants and consumers alike.
Fraud Risks: Despite EMVβs security, criminals are developing new methods to exploit vulnerabilities.
Risin Alternatives: Growing use of digital wallets, smartphone payments, biometrics, and wearables could fragment adoption.
Contact EMV Cards β Largest share (~60% in 2024).
Contactless EMV Cards β Fastest growth due to convenience.
Dual-Interface EMV Cards β Combining both for flexible use.
Near-Field Communication (NFC)
Contactless chip technology
Contact chip technology
Dual-interface chip technology
Financial Transactions (~46% share in 2024, growing >10% CAGR)
Identification documents
Healthcare
Transportation
Access controls
Dominated by China, India, and Japan.
Rising digitalization & cashless adoption across emerging economies.
Largest share during forecast period.
Early adopter of EMV technology.
Strong integration with e-wallets & digital banking.
Significant revenue contributor.
Strong government initiatives for payment security.
Home to a large high-net-worth population, fueling premium EMV card demand.
Expected to register higher CAGR vs Europe.
CPI Card Group
Gemalto (Thales Group)
NXP Semiconductors
IDEMIA (Morpho, Oberthur merged)
Giesecke+Devrient (G+D)
Eastcompeace
Goldpac Group
VALID
Hengbao Co. Ltd.
Kona I
Austriacard Holdings
The EMV card market is set for steady growthβfrom USD 26.74B (2024) to USD 65.68B (2034) at 9.40% CAGR.
While challenges such as fraud risks, high infrastructure costs, and competition from digital wallets persist, opportunities in transportation, healthcare, and mobile payments will keep EMV cards at the core of global cashless transactions.