Smart Payment Association Reports Shipment of 2.47 Billion Units of Cards and Modules in 2025
- Consolidation Year as Inventory Normalization Steadies Global Volumes
- Contactless and Sustainable Cards Sustain Strong Momentum
Munich, Germany – 22 July, 2026 – The Smart Payment Association (SPA) today announced that its members and Advisory Council members [1] shipped 2.47 billion payment cards and payment chip modules in 2025, marking a year of consolidation after the chip shortages and corrective years that preceded it.
This consolidation reflects a correction after the supply-and-demand disruptions of recent years. With module inventories now sitting approximately 5% above pre-chip-shortage levels, the supply pressure that characterized earlier years has eased, and the shipment level demonstrates the underlying resilience of the payment ecosystem. Despite challenges that weighed on demand in selective regions during 2025, sustainable cards, the geographic expansion of fintechs, new issuers entering the market, and third-party growth are expected to power the market’s next phase.
“2025 should be read as a year of consolidation,” said Jacques Doucerain, President, Smart Payment Association. “Inventory normalization and region-specific demand shifts explain much of the correction, while strong growth in key regions, continued migration to eco-cards and fintech-driven issuance, point to a resilient, evolving market. SPA members’ ability to maintain volume and drive innovation underscores the fundamental health of the payment card industry.”
A Contrasted Regional Picture: Growth Pockets Offset Selective Headwinds
Regional performance diverged markedly on a year-on-year basis. Demand softened across the Middle East and Africa — where stock consumption in Africa and a post-contactless-migration decline in the Balkans weighed on volumes — and in China, where demand slowed while Indian banks revised card-renewal rules. These headwinds were nearly balanced by robust growth elsewhere, with shipments rising in South Asia excluding India (+17%), Brazil (+10%), and North Asia excluding China (+6%).
Contactless Migration Continues: 94% Global Penetration in 2025
Contactless technology continued its steady march. Contactless card shipments consolidated at 2.3 billion units in 2025, with global penetration reaching 94% — up 2 percentage points year-on-year and still climbing, supported by improving adoption ratios in almost every region.
Sustainable Cards Go Mainstream, Nearing 30% of Global Shipments
Sustainable card [2] shipments maintained strong momentum, with eco-cards accounting for close to 30% of total SPA card shipments in 2025 — a level at which adoption becomes mainstream. Growth was particularly pronounced in emerging markets and Latin America. Europe continues to lead the transition, though adoption in other regions remains below its potential. A global payment scheme mandate targeting 2028 is expected to catalyze further uptake across 2026 and 2027.
Fintechs Reshape the Payment Landscape
The fintech segment has emerged as one of the most dynamic issuer categories, now approaching 10% of total unit volume. The trend underscores a key insight: physical cards remain a crucial touchpoint in digital-first customer journeys and a driver of expansion for fintechs and neobanks.
More Information
A full breakdown and analysis of all results is available for sale to non-members. As part of its extensive market monitoring activities, the SPA has established two Advisory Councils to enable non-SPA members to access the most up-to-date marketplace data available. The SPA Monitoring Advisory Council is open to EMV technology vendors supplying cards and/or modules, while the SPA Forecasting Advisory Council is open to organizations operating in the wider payment ecosystem. For more details, click here.
About the Smart Payment Association (SPA)
The Smart Payment Association (SPA) is the trade body of the cards and mobile payment industry. SPA addresses the challenges of the fast-evolving payment ecosystem, promoting innovation, security, and interoperability of payment instruments. SPA works closely with regulators and standardization bodies, offering leadership and expert guidance to help its members and their customers adopt new payment technologies of today and tomorrow.
For more information on the SPA visit our website at www.smartpaymentassociation.com.
[1] The following companies participate in the SPA Market Monitoring process: AustriaCard, CPI Card Group, G+D, IDEMIA, NXP, STMicroelectronics, Thales.
[2] Payment card bodies containing sustainable materials including R-PETG, Recycled PVC, Ocean Bound Plastic, Bio-sourced material, whatever the % of the total body.
