Global Chip Shortage Could Affect Supply of Credit/ Debit Cards, Industry Body Warns #techyrao
Global Chip Shortage Could Affect Supply of Credit/ Debit Cards, Industry Body Warns Nearly 90 percent of non-cash payments are made using cards in physical stores and they are also critical for accessing cash, the trade body said. HIGHLIGHTS Credit/ Debit and other payment cards could be in short supply The shortage could affect the online payment industry as well Global chip shortage is likely to continue through 2022 Global chip shortage is now threatening to derail the online payment system. Outlining the importance of payment cards for everyday life and commerce, the Smart Payment Association has warned about significant disruptions if the issue is not addressed. It said each year more than 3 billion EMV-based payment cards are produced globally for people who open a bank account, or those who renew them after expiration or to be replaced. But card manufacturers are facing increasing difficulties in obtaining chips due to bottlenecks in the supply chain. The trade body of paymen