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People’s lives have gotten more pleasant since the advent of smart cards. People today have more options when it comes to banking and other services.
Smart cards are also gradually replacing paper and magnetic stripe cards, as well as making inroads into hitherto untouched markets. In the future years, these factors are projected to propel the industry forward.
A smart card is a physical card with an integrated chip that functions as a security token. Smart cards are usually the same size as a driver’s licence or credit card and are available in metal or plastic.
The smart card industry in India is anticipated to develop steadily. The fast-paced lifestyles of urban cities sustain the need for the goods, which necessitates products that facilitate such a lifestyle.
Consumer preferences for automation and modern digital technology are changing the working dynamics of numerous businesses. The advancement of IoT and automation technologies is propelling the smart card industry forward. Visa, MasterCard, and Europay are just a few examples of smart cards.
The India Smart Card Market accounted for $XX Billion in 2021 and is anticipated to reach $XX Billion by 2026, registering a CAGR of XX% from 2022 to 2027.
IDEMIA, a developer of augmented identification technology, plans to test its new biometric cards -the F.CODE Gen2 for IDEMIA in India.
The technology is being rolled out in India after IDEMIA partnered with Swedish challenger bank Rocker to deliver its F.CODE biometric payment cards to the Swedish market.
Following the success of the Aadhar card (an Indian government-issued identity card), the F.CODE cards will allow cardholders to make secure contactless payments using their fingerprints.
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