EMV Migration to Create Huge Opportunities for the Indian Smart Card Market

Attractive features and subsidies from the RBI have rapidly increased the uptake of EMV cards in recent months.

Online PR News – 24-December-2011 – – Credit and debit cards also known as plastic money, are experiencing huge transitions in India. In order to improve security and reduce frauds, card providers in the country are now shifting to the more secure smart card based Europay, MasterCard and Visa (EMV) chip cards with personal identification numbers (PIN).The EMV specification defines technical necessities for bank cards with embedded microchips and for the associated point-of-sale (POS) infrastructure. This prevents fraudulent usage due to possible cloning of credit cards. In addition to enhanced security, EMV cards are also expected to enable banks to roll out more customer centric offers, initiatives and innovations.

IMARC Group, one of the world’s leading research and advisory firms, in its new report entitled “Indian Smart Cards Market Report & Forecast 2011-2016” reveals that the migration of magnetic stripe based bank cards to EMV cards is currently creating a huge opportunity for the Indian smart card market. The report finds that although EMV cards have been available in India since 2008, the uptake of these cards has reached significant levels only in recent months. The uptake of these cards were initially constrained by their high costs and infrastructure upgrades. Their attractive features and subsidies from the RBI, however, has rapidly increased their migration in recent months. Projections from the report which are based on extensive primary and secondary research finds that EMV cards are expected to grow at a CAGR of nearly 119% in the next five years.

IMARC’s new report entitled “Indian Smart Cards Market Report & Forecast 2011-2016” gives a deep insight into the Indian smart cards market. The research study serves as an analytical as well as a statistical tool to understand not only the market trends, structure, drivers and restraints but also the outlook of the market till 2016. This report aims to serve as an excellent guide for investors, researchers, consultants, marketing strategists, and all those who are planning to foray into Indian smart cards market in some form or the other.

What We Have Achieved in this Report
• Comprehensive situation analysis of the Indian smart cards market and its dynamics.
• Identifying all application segments/sub-segments and quantifying their current and future market potential.
• Providing a robust long range value and volume forecast for all segments and sub-segments.
• Providing an understanding of key drivers and restraints and their impact on current and future market scenario.

Smart Card Application Segments and Sub-segments Covered in this Report
• Telecommunication
• National Population Register Project
• Public Distribution System
• Financial Services
• Credit / Debit Cards
• Financial Inclusion
• PAN Cards
• Travel Identity
• Driving License
• Vehicle Registration Certificates
• Passports
• Automatic Fare Collection
• Metro Rail Projects
• Bus Projects
• Indian Railways
• Healthcare
• Rashtriya Swasthya Bima Yojna
• Ex-servicemen Contributory Health Scheme

Focus of the Analysis for Each Segment and Sub-segment
• Segment/Sub-segment Overview
• Smart Card Implementation Scenario
• Historical and Future Smart Card Volume Demand
• Historical and Future Smart Card Value Demand

Research Methodology
• Initial Exploration of the Indian Smart Cards Market: Conducted primary and secondary market research to complement/enhance our current knowledge and to identify key market segments and sub-segments.
• Qualitative Market Research: Interviewed various industry stakeholders to gain a comprehensive insight into all major segments and sub segments. This included understanding key metrics and events such as smart card requirements, current and future demand, implementation timelines, success and risk factors, costs, etc.
• Quantifying the Current and Future Market Potential: Consolidated our results to quantify the value and volume potential of smart cards in each segment and sub-segment.
• Validating Our Results: Collaborated with industry stakeholders to validate our results and findings.

Information Sources
Information has been gleaned from both primary and secondary sources:
• Primary sources include industry surveys and face to face/telephone interviews with industry experts.
• Secondary sources include proprietary databases and search engines. These sources include company websites and reports, books, trade journals, magazines, white papers, industry portals, government sources and access to more than 4000 paid databases.
To buy the complete report or to get a free sample, please contact:
IMARC Group Asia
Email: apac@imarcgroup.com
Phone: +91-120-425-6531
IMARC Group North America
Email: america@imarcgroup.com
Phone: +1-631-791-1145
To know more please visit: http://www.imarcgroup.com/