Report Buyer, the online destination for business intelligence for major industry sectors, has now added a new report on the explosive U.S. contactless payment card market. Smart Cards in the U.S.: Contactless Payment, forecasts that contactless payment card users will grow from 27 million in 2006 to 109 million by 2011.

The U.S. is far behind much of the developed world in its usage of contactless payment cards. This looks set to change radically, this report estimates that total contactless credit and debit cards in U.S. circulation will reach 109 million by 2011. Meanwhile, the number of contactless transactions, nearly 777 million in 2006, are expected to reach 2.2 billion by 2011.

This has been brought about by the fast-paced American lifestyle putting pressure on retailers to serve customers more quickly and efficiently. It’s coupled with an increasing consumer awareness of the technological, safety, and convenience factors inherent to smart cards, making penetration of the consumer market much easier.

In addition to these factors, card brands, such as MasterCard and Visa, are pushing for a bigger share of the cheap payments market traditionally reserved for cash. Card issuers are rapidly expanding their market presence in contactless payments and the percentage of retailers having contactless payment systems is expected to nearly triple within two years.

This report provides an in-depth analysis of the escalating market for contactless payment. It includes overviews of both the smart card and payments markets worldwide and in the United States. Also included are trends affecting both markets including forecasts of transactions and purchase volumes, U.S. consumer attitudes towards smart cards, and insights into issuer and retailer strategies.

Report Buyer product ID: PKF00065