Report: EMV cards to expand in Canada in 2010
26 April, 2010
category: Financial
A new report from Research and Markets has found that the number of EMV payment smart cards in circulation in Canada is expected to reach 54.8 million this year, representing 43.6% of all payment cards in use.
“EMV Migration in Canada: Opportunities and Challenges,” is an independent strategic analysis and forecast on Canada’s EMV migration plans, which R&M says is in its “advanced stages.”
The 115-page report also goes on to predict that by 2011, payment smart cards will account for 90% of the annual demand for smart cards in Canada, effectively driving the smart card market in Canada for the next five to ten years.
R&M points out that there are, however, some significant obstacles for widespread EMV adoption, first and foremost the high costs incurred by merchants in order to upgrade card reader equipment.