Uptake of smart payments and banking cards set to soar

The uptake of smart payments and banking cards is set to soar around the world, if a new study conducted by IMS Research is to be believed.

According to the report, 1.1 billion of these products were handed out to people in 2011 but this will grow to 3.5 billion by 2017.

You don't have to be a technology whizz to realise that we are increasingly becoming a cashless society, as more banking customers utilise credit and debit cards in order to pay for goods.

Using plastic is far safer than carrying a wallet full of cash around with you because they can easily be cancelled if they are lost or stolen.

With new developments like wireless point-of-sale scanners becoming more mainstream, it seems like just a matter of time before dollar notes are made redundant.

"In terms of volumes, the payment and banking card market is the second-largest smart card market and this is forecast to continue to be the case over the next five years," commented senior analyst at IMS Research's Financial and ID Technology Group Don Tait.

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