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The Smart Payment Association (SPA), the trade body of the smart payments industry, today revealed top level findings from its 2016 annual review of the smart payments market.

Highlights of the update are: over 2 billion smart payment cards were shipped globally in 2016 by SPA members; contactless card shipments account for more than 50% of shipments in most regions; and most regions exhibit double digit growth, with India’s transition away from cash producing a five-fold increase in smart card shipment volumes.

Data collated by the SPA from its members show over 2.15 billion payment chip cards were shipped globally in 2016, an increase of 4% on 2015 figures.

“Following significant EMV roll-out programmes in the United States and China, 2016 saw shipment volumes begin to normalize to reflect growing market maturity in most major global markets,” commented Sylvie Gibert, President of the SPA.

The global shipment data also highlights a significant upturn in demand in the South Asia region. India experienced a five-fold increase in shipments on 2015 figures, as it began to fast-track its EMV migration programme.

The figures also confirm a surge in demand for contactless payment cards - in response to growing consumer appetite for convenient ways to conduct small transactions.

The SPA engages in extensive market monitoring activities, using the data sets it collects to generate independently verified market statistics and reports; data it has provided as a free benefit to SPA members.

In an important step, the SPA has responded to wider audience demands for access to this proprietary data, and will be launching two new Market Monitoring Advisory Councils. For the first time, non-SPA member organizations, operating in the wider payment ecosystem, will be able to participate in the payment market monitoring activities of the SPA and access the most up-to-date market data available.