EMV® is a trademark established in 1999 which refer to all the specification administered by EMVCo. The company facilitates interoperability and acceptance of secure payment transactions globally and accomplishes this by managing and evolving the EMV® Specifications and related testing processes. The EMVCo is overseen by six-member organization which include American Express, Mastercard, JCB, Discover, UnionPay, and Visa, the organization is further supported by merchants, banks, vendors, among the other stake holders of EMVCo organization.
EMV chip is installed in a card with already set standards meant for debit and credit cards for the proper authentication of chip card transaction. The boosting demand of contactless interfaces for the adoption of smart cards, rising IoT applications, and bolstering advanced technology are some of the major drivers of the EMV chip market to grow in the forecast period.
The key players influencing the EMV chip market are Cardzgroup, ABCORP, Gemalto, CPI Card Group, Giesecke & Devrient, Oberthur Technologies, Perfect Plastic Printing, Versatile Card Technology, Morpho, and Toppan Printing Co., Ltd. among others.