The rapid development of digital technologies is propelling the growth of the smart card market, which is estimated to reach USD 16.9 Billion by 2026. Because of higher demand from governments, financial institutions, and retailers, the industry demand for various kinds of smart cards is skyrocketing. Surveys estimate that by 2023, more than 4 billion smart cards will hit the market in segments like healthcare, transportation, access control, and others. Following are some industries that have been heavily investing in smart cards to provide consumers hassle-free & secure experiences.
Finance
In the financial sector, smart cards offer high security against multiple heists associated with moving large quantities of cash-in-pocket. In addition to delivering a higher level of value-added services to businesses and consumers, Smart Cards also aims to lower transaction costs. Companies can take advantage of money on a card, corporate card programs, and marketing campaigns targeted at specific consumers based on their shopping patterns.
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Physical Network Access/ Identity Management Systems
In access control, smart cards offer protection against tampering of valuable data assets. Additionally, they have enough processing power to secure the information they hold, encrypt and execute any instructions they receive. Through this capability, they offer corporations a unique method of securing computer networks, ensuring that only individuals with appropriate authority can access specified network resources and reduce hacker attack potential.
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- The biometric smart card system will be introduced in Lucknow district courts to filter out fraud lawyers who tend to harass litigants and create obstacles in dispensing justice.
- The parliamentary committee has directed the Ministry to take stern action against all ghost applicants in this category. It is also directed the railway officials to stop the movement of these ‘fake’ freedom fighters and their immediate family members in all passenger trains immediately with the help of smart cards.
Healthcare
There are many applications available with smart health cards. Smart health cards can strengthen the data security of patient records, facilitate portable medical records, reduce healthcare fraud, simplify new digital medical processes, enable secure access to emergency medical information, and encourage other applications as required by the healthcare organization.
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Indian government’s health protection scheme Ayushman Bharat renamed Pradhan Mantri Jan Arogya Yojana (PMJAY), is touted as the world’s most extensive government-funded healthcare program. The scheme seeks to provide secondary and tertiary care healthcare services to 10 crore vulnerable families every year by issuing e-cards and is expected to reach 50 lakh villages.
Transport
The trend of reducing dependency on personal vehicles for transportation will continue to grow in the future as more and more governments encourage the usage of public transportation. Smart card plays a crucial role here. First, it promotes convenient and cost-effective travel; second, it promises better transport experiences; and third, it cuts low on pollution levels.
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Latest from Chalo, which is the public transport project of MMRDA (Mumbai Metropolitan Regional Development Authority), buses in Mumbai will soon get equipped with the latest smart cards for bus travel. As a result, passengers can book tickets with an e-wallet, get live status updates on time, and avail information on how crowded the vehicle is.
Loyalty Programs
Beyond primary products and services, retailers invite customers to participate in loyalty programs. These companies benefit from smart cards by improving customer convenience and lowering costs. For example, airline companies seek smart cards to distribute tickets and store them, even though a secure system for ordering/provisioning tickets directly through the Internet offers numerous advantages. The cards will also tie into frequent-flyer programs, cross-market with hotels, auto rentals, and private airline lounges, and provide simpler access to the airlines’ frequent-flyer programs.
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DoorDash announced that it is launching a gas rewards program to offset some of the higher fuel prices drivers pay at the pump. The dual-tiered Gas Rewards program sprang from driver feedback and is aimed at helping them maintain their level of earnings despite higher fuel prices.
The smart card is changing the way we pay, travel, connect and secure our assets. The idea that drives growth of the smart card market lies in the concept of a better future with simplified access to everything around. What other sectors do you think the smart card market can penetrate? Share your views in the comment section.