EMV Payment Card Market Size, Share, Growth, and Industry Analysis, By Types (Contactless Card, Contact Card, Dual Interface Card) , Applications (Enterprise Use, Individual Use) and Regional Insights and Forecast to 2033

EMV Payment Card market Size

The Global EMV Payment Card market was valued at USD 6886.7 billion in 2024 and is projected to grow to USD 7127.7 billion by 2025. By 2033, the market is expected to reach USD 9,433,430.85 million, exhibiting a compound annual growth rate (CAGR) of 3.5% during the forecast period from 2025 to 2033. 

This growth is driven by the increasing adoption of secure payment technologies, rising consumer preference for contactless transactions, and the expansion of digital payment infrastructures worldwide.

EMV Payment Card Market 

The global EMV payment card market has experienced rapid adoption, with EMV-enabled cards issued worldwide by 2023. In Europe, nearly 90% of all payment cards are EMV-compliant, with similar trends seen in North America and parts of Asia.

In fact, EMV chip card adoption has led to a significant reduction in fraud. According to the European Central Bank, card fraud in the region decreased by approximately 40% after the widespread adoption of EMV technology. This shift towards secure and contactless payment solutions is expected to continue growing as digital payments gain more prominence.

EMV Payment Card Market Trends

The EMV payment card market has been witnessing several pivotal trends. One of the most significant developments is the surge in contactless payments, with 75% of all EMV cards issued globally in 2023 having contactless capabilities. This trend is particularly prominent in regions such as the United States, where nearly 65% of card transactions in 2023 were contactless, reflecting consumer preference for faster, secure transactions.

Mobile payment systems have also become a major market driver, with a 35% increase in the number of EMV cards integrated with mobile wallets over the past two years. In countries like China, the integration of EMV technology with mobile payment platforms has contributed to a payment revolution, further accelerating the adoption of EMV cards.

Additionally, governmental mandates play a crucial role in the widespread adoption of EMV technology. For example, the U.S. saw a 20% increase in EMV card penetration from 2018 to 2023, largely due to the implementation of EMV liability shift regulations, which incentivized merchants to upgrade their point-of-sale systems. The market is also expanding in emerging regions such as Latin America and Asia-Pacific, where the adoption rate of EMV cards is increasing by approximately 15% annually.

EMV Payment Card Market Dynamics 

The dynamics of the EMV payment card market are shaped by growing demand for secure and efficient payment solutions. The number of EMV-compliant cards in circulation has surged by 18% annually, driven by the need for enhanced security in payment processing. In particular, the adoption of EMV cards in regions such as North America, Europe, and Asia-Pacific has significantly reduced card-present fraud by as much as 70%, according to the Payments Security Task Force.

In addition, the continued expansion of e-commerce has contributed to the need for secure online payments, where EMV card adoption ensures a safer experience for consumers and businesses. With approximately 54% of global payment transactions processed digitally in 2023, the role of EMV cards in securing these payments is critical. The market is also seeing growing integration with mobile wallets and NFC technology, with the number of EMV-enabled smartphones projected to increase by 40% over the next two years, offering further support for the market's growth.

Drivers of Market Growth 

" Increasing Demand for Secure Payment Systems"

The growing need for secure payment systems is one of the major drivers of the EMV payment card market. According to a study by Javelin Strategy & Research, in 2023, card-not-present fraud accounted for 75% of all card fraud losses, further emphasizing the necessity of EMV-compliant solutions. The shift toward EMV technology is expected to drive a 30% year-on-year increase in card issuance, as both financial institutions and consumers prioritize fraud protection. Regulatory changes in countries like India and Brazil, which have mandated EMV-compliant cards, are also contributing to market growth, driving adoption in emerging markets.

Market Restraints 

"High Initial Costs for Implementation"

One significant restraint for the EMV payment card market is the high initial costs associated with upgrading payment infrastructure to support EMV technology. For example, small businesses in the U.S. face costs ranging from $500 to $2,000 per point-of-sale (POS) terminal for EMV upgrades. Additionally, in emerging markets, the cost of implementing EMV systems is still a barrier, with figures indicating that 40% of small businesses in regions like Latin America and Africa have not yet adopted EMV-compliant POS systems due to the expense. This slow transition limits the growth of the market in these areas.

Market Opportunities

"Expansion in Emerging Markets"

The EMV payment card market sees strong growth opportunities in emerging markets, where adoption rates are accelerating. For example, the penetration of EMV cards in Brazil increased by 45% between 2020 and 2023, and India saw a rise of 50% in EMV adoption from 2019 to 2023. Government mandates, such as those requiring EMV compliance in Argentina and Kenya, are also driving this growth. With increasing smartphone penetration in regions like Southeast Asia, which grew by 35% from 2021 to 2023, EMV card usage in conjunction with mobile wallets is projected to rise significantly in the coming years.

Market Challenges 

"Slow Adoption in Rural Areas"

A major challenge in the EMV payment card market is the slow adoption of EMV technology in rural and underserved regions. In countries like India and Nigeria, approximately 50% of rural merchants are still using magnetic stripe cards due to limited access to EMV-compliant POS systems. In 2023, only 30% of rural areas in Africa had EMV-compliant infrastructure, hampering the wider adoption of secure payment methods. These regions face challenges such as poor internet connectivity and the high cost of upgrading infrastructure, which slows down the transition to EMV payment solutions in these markets.

Segmentation Analysis 

The EMV payment card market is segmented into different types and applications. The primary types of EMV cards include contactless cards, contact cards, and dual interface cards, each offering unique features suited for specific payment environments. Additionally, the market is segmented by application into enterprise use and individual use. Enterprises require secure, scalable payment solutions for business transactions, while individual use focuses on consumer-facing cards for personal payments. These segments are growing rapidly as businesses and consumers alike seek secure and efficient payment solutions in response to rising concerns over card fraud and digital security.

By Type

• Contactless Card: Contactless Cards are increasingly popular due to their convenience and speed, especially for small transactions. As of 2023, more than 80% of EMV cards issued in Europe and North America were contactless-enabled. These cards, using Near Field Communication (NFC) technology, allow consumers to make payments by simply tapping the card on a reader. In countries like the UK, contactless cards account for over 70% of all card transactions, with users completing an estimated contactless payments in 2023 alone. This trend is expected to continue as consumers demand faster, more secure methods of payment.
• Contact Card: Contact Cards still dominate certain regions and applications, particularly for larger transactions where security is a priority. These cards require the user to insert the card into a POS terminal for transaction authentication. As of 2023, approximately 50% of all EMV transactions in Japan were conducted using contact cards. While contactless cards are growing rapidly, contact cards remain crucial in markets with more stringent security requirements, especially for high-value transactions. In markets like South Korea, the demand for contact cards is still strong, with 60% of EMV transactions being completed using these cards in 2023.
• Dual Interface Card: Dual Interface Cards combine both contact and contactless payment methods in one card, offering consumers flexibility in how they pay. These cards are becoming increasingly popular, with global adoption rising by 40% in 2023. Dual interface cards are now widely issued by major financial institutions in Europe, North America, and Asia. In fact, 65% of EMV cards issued in the U.S. in 2023 were dual interface, driven by consumer demand for a more versatile payment option. The convenience of these cards is driving their growth, with large retailers adopting dual interface solutions to cater to both quick, low-value payments and secure high-value transactions.

By Application

• Enterprise Use: Enterprise Use in the EMV payment card market focuses on businesses and organizations implementing EMV solutions for secure, high-volume transactions. The enterprise segment is growing due to the need for fraud protection and secure financial transactions. In the U.S., 85% of large retailers had adopted EMV-compliant POS systems by 2023. The enterprise segment is also expanding in the hospitality and transportation industries, with major hotel chains and airlines adopting EMV technology to secure customer payments. As the demand for secure payment solutions in business transactions continues to rise, the enterprise use application is projected to grow significantly.
• Individual Use: Individual Use of EMV cards refers to consumers using these cards for personal transactions, both in-store and online. As of 2023, the global number of individual EMV cardholders exceeded, with over 60% of all retail payments being made with EMV cards. In markets like North America, nearly 75% of consumers have EMV cards in their wallets, and they are increasingly used for mobile payments as well. The rise of digital wallets, which integrate EMV technology, has boosted the individual use segment, with nearly 45% of smartphone users in Europe and North America using EMV-enabled mobile payment apps in 2023.

EMV Payment Card Market Regional Outlook

The EMV payment card market has seen diverse growth across regions. North America leads with over 80% of all cards being EMV-compliant by 2023. Europe follows closely with 90% adoption of EMV cards in circulation. In Asia-Pacific, China, India, and Japan have shown rapid progress, with EMV card penetration reaching 65% in Japan alone by 2023. The Middle East and Africa are still catching up, with South Africa leading the way with 85% EMV card adoption in 2023. Governments worldwide are mandating EMV compliance, driving growth in both developed and emerging regions.

North America 

In North America, the adoption of EMV payment cards has reached over 85% of all credit and debit cards issued by 2023. Contactless cards make up 45% of all EMV transactions in the region. In the U.S., 60% of all card-present transactions in 2023 were completed using EMV-compliant cards, with a significant shift towards contactless payments. This growth is attributed to the EMV liability shift in 2015, which incentivized businesses to adopt EMV technology. Canada has also seen a 90% EMV card adoption rate, driven by the government's push for secure payment solutions.

Europe 

Europe has the highest EMV card adoption rate globally, with 95% of payment cards being EMV-compliant in 2023. In countries like the UK and France, more than 75% of in-store payments are made using contactless cards. The EU’s regulatory push has driven the widespread adoption of EMV technology, with an estimated 80% of new card issues in Europe in 2023 being dual-interface cards. Additionally, contactless payment transactions in Europe accounted for nearly 70% of total card payments in 2023, highlighting the region’s commitment to enhancing payment security and efficiency with EMV technology.

Asia-Pacific 

In Asia-Pacific, the adoption of EMV cards is growing rapidly, especially in Japan and China. In Japan, over 75% of all cards issued were EMV-compliant by 2023. Contactless payment adoption is particularly high, with approximately 65% of transactions being contactless. In China, mobile payment systems such as Alipay and WeChat Pay dominate, but the EMV card market is still strong, with 60% of cards issued in 2023 being EMV-compliant. India is seeing rapid growth as well, with the issuance of EMV cards increasing by 50% over the last two years, largely driven by government efforts.

Middle East & Africa

In the Middle East and Africa, the adoption of EMV payment cards has been slower but is on the rise, especially in countries like South Africa, which leads the region with 85% of all cards issued as EMV-compliant by 2023. The UAE has also made significant strides, with 80% of cards now being EMV-compliant. In other parts of Africa, the adoption rate is lower, with around 35% of payment cards being EMV-compliant in countries like Nigeria and Kenya. However, government initiatives, such as mandatory EMV adoption in certain markets, are expected to drive further growth in these regions.

LIST OF KEY EMV Payment Card Market COMPANIES PROFILED

• Gemalto
• OT-Morpho G&D
• GoldPac
• CPI Card Group
• Valid
• Giesecke & Devrient
• Oberthur Technologies
• Eastcompeace
• Wuhan Tianyu
• Datang
• Kona I
• Watchdata Systems
• Hengbao

Top Companies with Highest Market Share

1. Gemalto:Gemalto holds a dominant share in the global EMV payment card market, with an estimated 25% of the market share as of 2023. The company is a leader in digital security solutions and EMV technology, providing cards to major financial institutions worldwide.

2. Giesecke & Devrient:Giesecke & Devrient ranks second in the market, holding around 20% of the EMV payment card market share in 2023. The company offers a wide range of secure card solutions, including EMV cards, and is a leading supplier to financial institutions globally.

Recent Developments by Manufacturers in the EMV Payment Card Market

In 2023 and 2024, manufacturers in the EMV payment card market introduced key innovations. Gemalto launched a new biometric EMV card with fingerprint scanning technology, aimed at enhancing security for in-person transactions. This new card has been adopted by over 50 financial institutions in the U.S. and Europe.

Giesecke & Devrient unveiled a dual-interface card in 2023, which combines both contact and contactless functionalities, providing increased flexibility for users. This card is projected to represent 30% of all new EMV cards issued in Europe in 2024. Additionally, Watchdata Systems introduced multi-currency EMV cards catering to the growing need for secure international transactions.

New Product Development

In 2023 and 2024, several key manufacturers in the EMV payment card market launched new products aimed at enhancing payment security and convenience. Giesecke & Devrient introduced an innovative biometric EMV card in 2023, integrating fingerprint recognition technology to provide an additional layer of security. These biometric cards are already in use by consumers in Europe and are set to expand in 2024. The card's development was driven by a 20% rise in demand for advanced security features in payment cards.

Another significant development came from Gemalto, which released a contactless EMV card equipped with NFC technology that allows for faster transactions. In 2023, 30% of all EMV cards issued in North America were contactless, reflecting the growing demand for quicker payment methods. Additionally, CPI Card Group introduced a hybrid EMV card capable of storing both traditional fiat currency and cryptocurrency for secure digital currency transactions. These cards have seen a 15% increase in adoption among tech-savvy consumers and are expected to expand rapidly in 2024, especially in markets such as the U.S., where cryptocurrency payments are gaining traction.

Investment Analysis and Opportunities 

The EMV payment card market continues to attract substantial investments as manufacturers look to innovate and meet the growing demand for secure and efficient payment solutions. In 2023, Gemalto and Giesecke & Devrient invested approximately $100 million each into research and development to enhance the capabilities of their EMV card products. For instance, Gemalto's investment focused on improving encryption technologies and integrating biometric features into EMV cards, while Giesecke & Devrient directed its funds toward dual-interface card production.

The market also presents significant investment opportunities in emerging regions. In Asia-Pacific, over $300 million was invested in 2023 to improve the adoption of EMV technology. For instance, China and India are investing heavily in expanding their payment infrastructure, with India alone increasing its funding by 25% to introduce EMV-compliant systems across rural areas. This presents an opportunity for companies to capitalize on these markets, particularly with the rapid growth of mobile payments.

Additionally, the demand for mobile wallet-enabled EMV cards is growing, with financial institutions globally investing more than $200 million annually in integrating EMV features into mobile wallets. As a result, there is an increasing need for EMV card manufacturers to develop solutions that cater to both traditional payment methods and mobile payment systems, driving investment in this segment.

Report Coverage of EMV Payment Card Market 

The EMV payment card market report provides a thorough analysis of the latest trends, growth drivers, and challenges affecting the industry in 2023 and 2024. It offers insights into the market's current size, including a detailed examination of key market segments such as card type (contactless, contact, and dual-interface cards) and application (enterprise use and individual use). For example, in 2023, approximately 45% of all EMV card transactions in North America were contactless, while over 60% of all transactions in Europe were made using dual-interface cards.

The report also provides an in-depth look at regional trends, with specific focus on markets in North America, Europe, Asia-Pacific, and the Middle East & Africa. For instance, South Africa is expected to see a 20% rise in EMV adoption by 2024, with increased investment in secure payment infrastructure. The Middle East is seeing an upsurge in government-backed initiatives, with countries like the UAE mandating EMV compliance for all card transactions by the end of 2024.

Additionally, the report profiles the leading companies in the market, such as Gemalto, Giesecke & Devrient, and Valid, and provides a detailed breakdown of their market shares, investments, and product innovations. By examining these developments, the report highlights emerging opportunities and challenges for stakeholders in the EMV payment card industry.