A magnetic card is an object of rectangular shape contains either magnetic object that holds data or a strip of magnet on the outside. The usages of the magnetic card are increasing day by day as every country is trying to promote a cashless economy. There are two sides of the magnetic card. The front side of the card holds the name of the individual and also the company's name. On the other hand, the presence of the magnetic strip is seen on the back of the card. The size of this card is in general 2 inches by 3 inches. There is a different type of magnetic strip card available such as credit cards, debit cards, driver's licenses, transit card, student's ID card.
It is very important to know about the process of the magnetic card. We use the magnetic card almost regularly. Let's have a look over the process of strip card. When the magnetic card is swiped through the reader of magnetic stripe, then the data is decoded by the reader in that magnetic stripe and enable it to move towards the transaction. There are much information involved in the card, such as the name of the individual, the account number, the expiry date, and the card number. Therefore, the card functions of acquiring all the details of an individual.
The demand among the people across the world is increasing day by day. The card is beneficial to all individual as it helps them to transact anytime. The market size of the magnetic card is $xx million in 2017. As per the report, it crosses the figure of $xx million in 2025. The market of the magnetic card is growing at xx% rate.
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Prominent market players
The manufacture of such a card involves a large amount of patient and security in the office premises. You may not listen to the name of some of the companies which are creating the magnetic chip card. Let's have a look over the list of companies.
Atmel Corporation, Entrust Datacard Corporation, Gemalto NV, Fudan Microelectronics, NXP Semiconductors N.V, NBS Technology Inc.
The magnetic card is used in different areas of servicing across the world. The market of the magnetic card stripe can be split into Irregular type, standard type, hospital, retail chain, smart city, residential area, public transport system, etc. Apart from that, there is the involvement of various stakeholders in circulating the card. The name of such stakeholders is manufacturers, dealers, suppliers, customers.
There is a different type of magnetic card in the market. The name of such type is high magnetic, coating type, general magnetic, magnetic stripe type.
Geographical market classification
As mentioned earlier, the magnetic card is used massively across the world. Every country, more or less, has launched the magnetic card service in different areas of the service. Let's have a look over the list of the countries.
USA, UK, South Africa, Malaysia, Singapore, Russia, Italy, Vietnam, Thailand, Mexico, Asia Pacific, Canada, India, Germany, France, Egypt, Turkey, Europe, Brazil, Middle East, Indonesia and many more.
As per the news, NXP Semiconductors N.V and NBS Technology Inc are dominating the magnetic card market.
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