Smartcard Vendors to Shift Focus on Services

The global smart card market will see steady growth due to the increasing emphasis on the Europay, MasterCard and Visa (EMV) standard in the payment and banking vertical. New analysis from Frost & Sullivan, 2014 Global Smart Card Forecaster, finds that the market earned revenues of €5.37 billion in 2013 and estimates this to reach €7.16 billion in 2019. The SIM card segment will account for 42.6 percent of the total revenue while the banking and payment vertical will make up 33.5 percent. The smart card government ID and transportation sectors will constitute the rest. This rapid shift to EMV contactless solutions and the associated large volume of shipments will cause pricing pressures in the smart card market, mainly in Asia-Pacific. A similar case is also expected in the US, where the uptake of EMV and contactless solutions has been considerably delayed. With many companies in the US having already invested in EMV in anticipation of a possible migration, it is uncertain whether these firms will have a positive return on investment.

RideLinQ + Way2ride

Two existing payment apps in New York City’s yellow and green taxis, RideLinQ from Creative Mobile Technologies (CMT) and VeriFone’s Way2ride, have to introduce a new and improved passenger payment experience. Now, passengers will have the flexibility to use either app to securely and conveniently pay cab fares using their smartphones in any one of the nearly 20,000 yellow and green taxis in New York City.