- Consolidation Year as Inventory Normalization Steadies Global Volumes
- Contactless and Sustainable Cards Sustain Strong Momentum
MUNICH, July 22, 2026 /PRNewswire/ -- The Smart Payment Association (SPA) announced that its members and Advisory Council members shipped 2.47 billion payment cards and 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 sitting 5% above pre-chip-shortage levels, the supply pressure characterizing earlier years has eased, and the shipment level demonstrates the resilience of the payment ecosystem. Despite challenges that weighed on demand in regions during 2025, sustainable cards, geographic expansion of fintechs, new issuers entering the market, and third-party growth are expected to power the market's next phase.
A Contrasted Regional Picture: Growth Pockets Offset Selective Headwinds
Regional performance diverged 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 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 march. Contactless card shipments consolidated at 2.3 billion units in 2025, with 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 shipments maintained strong momentum, with eco-cards accounting for nearly 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 dynamic issuer categories, now approaching 10% of 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.
Full press release here.
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