Smart payment shipments soar

ContactlessThe trade body for the smart payments industry said today that over 2050 million chip payment cards shipped in 2014.

The Smart Payment Association (SPA) also said there is a growing demand for contactless payment worldwide.

According to the SPA contactless technology amounted to over 42 percent of total smart payment cards shipped in 2014, up from 37 percent the year before.

And three quarters of the shipments showed that Dynamic Data Authentication (DDA) technology is the clear winner for contactless cards. DDA has additional protection against modifying data and cloning cards.

Nicolas Raffin, the SPA president, said: “Across the world we have seen an increasing number of retailers actively promoting ‘tap and go’ payment for lower value purchases, reducing queuing and offering greater speed and customers.”