New study shows that contactless payment cards are poised for global adoption
SOMERSET, N.J.–(BUSINESS WIRE)–CompoSecure, L.L.C., a pioneer and global leader in the design and manufacturing of premium financial cards, today announced that it has produced more than one million dual interface (EMV chip & contactless) metal cards. Style and innovation have come together to make these “must have” cards in the discerning consumer’s wallet. The global adoption of contactless payment cards is demonstrated in a new study by A. T. Kearney, which also points to future growth for this technology, especially in the U.S.
“This milestone secures CompoSecure’s leadership position as the number one producer of premium payment cards,” said Jon Wilk, CEO of CompoSecure. “Integrating the contactless technology into these next generation metal cards is extremely challenging. Only CompoSecure has cracked the code on supporting financial institution clients in their large-scale program launches that include metal cards. The global push for contactless cards by all of the major payment brands made this more important than ever.”
According to A.T. Kearney’s research, banks in the U.S. with contactless cards could generate an estimated $2.4 billion in incremental card-related earnings by displacing cash transactions and reducing cash handling costs over the next five years. The migration has already begun with nearly half (48 percent) of Visa transactions taking place at contactless-enabled merchant locations and the majority (70 percent) of terminals already have the necessary hardware to accept those payments.
Dual interface cards provide a new level of payment convenience, offering users the option to insert the chip or use the card’s contactless payment capabilities. These unique payment cards provide a completely frictionless user experience with no additional change in size or functionality. Available in a variety of metal card constructions, CompoSecure’s patented and patent-pending dual interface technologies offer strong performance and enhanced durability and functionality.
Founded in 2000, CompoSecure is a pioneer and global leader in the design and manufacturing of financial cards. The company focuses on serving the affluent customers of credit card issuers worldwide using proprietary production methods that meet the highest standards of quality and security. The company offers clients secure, innovative and durable custom products that implement leading-edge engineering capabilities and technology in both the public and private sector. The mission is to increase clients’ brand equity in the marketplace by offering card products that differentiate the brands they represent, thus elevating the traditional card transaction process to a special cardholder experience.
For more information, please visit www.composecure.com.