The number of smart payment cards shipped in the China, Latin America and US markets could jump from 330 million in 2011 to over 1.5 billion in 2017, according to ABI Research.
The growth in the three markets is driven mostly by the impending migration to the EMV standard for the smart card.
"China is currently in the process of migrating to its PBOC 2.0 standard as well as issuing up to 800 million multi-application cards combining payment and social security functionality, using dual interface technology," said ABI Research analyst Phil Sealy.
"China also has one of the fastest growing banking populations worldwide putting more emphasis on the importance of the region," he added. ABI Research forecasts that 25 percent of all smart payment card shipments will be issued within China in 2017.
For the US, major players like Visa, MasterCard and Amex have been quick to voice out their support of adopting EMV. Some 19 financial institutions have committed themselves to EMV migration, said ABI Research.
In the Latin America region, Brazil, Mexico and Argentina account for the largest proportion of payment cards. With migration to EMV and a growing banking population, combined shipments look set to increase from 180 million in 2011 to 315 million in 2017, according to John Devlin, practice director, ABI Research.
"Increased activity in the region this year has resulted in other surrounding countries following suit and adopting EMV. The regional business pipeline looks good with Venezuela, Costa Rica, and Chile all beginning migration in 2012," said Devlin.
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