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Report: EMV cards to expand in Canada in 2010

Monday, April 26, 2010

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. [end] 

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