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India's Smart Card Industry To Touch Rs. 10,000 cr by 2025

Monday, June 10, 2019

“The Smart card industry is set for exponential growth in India. At present, the market size is about Rs 2500 crore and this is expected to jump at least Rs. 10,000 crore by 2025 ” says Deven Mehta, Chairman & Managing Director of the Smart Card IT Solutions Technology Ltd. (SCIT). SCIT is manufacturer of one of the leading Smart Cards, namely Govt. ID cards, GSM Cards, Debit / Credit cards for various Banks, institutions and Government/ non-Government agencies cards manufacturing companies in the country.

“Segment-vise, the Government ID cards contribute around Rs 500 crore which includes PAN Cards, driving licenses, Registration certificates and health insurance cards for the poor. The Telecom SIM cards contribute Rs. 800 crore and are numbered around 950 million with market growing at 18 per cent per year. The size of Payment cards business is also around Rs 800 crore. The Transport Card segment, however, is lagging behind with Rs 100 crore adds Deven Mehta.

Worldwide the smart card industry is a huge USD 68 billion and growing at an average of 15 per cent CAGR. India being the lowest producer of Smart cards offers an amazing platform to do low cost manufacturing for exports to various countries.

In India, the industry has already been on a fast-growth curve and have received a major boost with Government’s notifications issued for single mobility card for the transport sector i.e. trains, buses and metro in all cities and for uniform driving licenses across the country. Moreover the Government is also looking at the issue of smart cards instead of paper Aadhar cards which will cover a massive 1.25 billion people.

The most encouraging news for Smart Card Industry is that the UN-instituted International Civil Aviation Organization (ICAO) has made it mandatory for all its 193-member states including India to gradually upgrade to e-passports which is a passport that basically has an electronic chip that stores biometric and biographical data of each passport holder thereby ensuring security, efficiency and certainty. And this when implemented will guarantee a stupendous growth for the smart card in India.

Also our Prime Minister Narendra Modi has launched Single Mobility Card which will allow citizens to use the same for all types of Public Transport. This will lead to massive demand for all Smart Cards manufacturers like SCIT.

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