The Smart Payment Association (SPA) expects the global semiconductor shortage to continue throughout 2023, severely impacting the delivery of payment cards worldwide.
Additionally, payment card deliveries are suffering from extended lead times for key raw material supplies such as plastic, metal and other components of a smart card, reports EE Times Asia. “This is due to various factors including recent COVID-related factory shutdowns in China, and global supply chain disruptions created by materials shortages and freight capacities still not at the pre-COVID level.”
The uninterrupted supply of payment cards is essential to the social and economic lives of billions of citizens around the globe, says EE Times. Most recent data from the SPA show that more than 2.63 billion smart payment cards and modules were shipped worldwide during 2021. Around 75% of the non-cash payment, including online payments, directly or indirectly via digital wallets, were made with cards in 2020, reports EE Times.
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