More gas stations are using EMV cards with computer chips in their payment systems. These cards are more secure because they store information differently than the old magnetic-strip cards. They protect against credit card fraud and make it harder for fake credit cards to be used.
Since the upgrade to EMV chips, counterfeit fraud in the US has gone down by 76% from December 2015 to December 2017, according to Visa Inc. So, using EMV in gas station payment systems not only makes payments more secure but also helps prevent fraud, making customers happier. Visa, MasterCard, American Express, and Discover Global Network have set a deadline for October 2020 to have EMV in all gas station payment systems in the US. This change is expected to create good opportunities for companies that make gas station payment systems in the future.
The adoption of EMV technology in fuel dispensers not only enhances security but also aligns with global payment standards. EMV cards, with their embedded chips, provide a more advanced and secure method of processing transactions compared to traditional magnetic-strip cards. This transition not only safeguards consumers against fraud but also establishes a standardized approach to payment security. As the industry moves towards universal acceptance of EMV, it creates a safer and more reliable payment environment for both businesses and customers. Manufacturers and stakeholders in the fuel dispenser industry stand to benefit from this shift, ensuring a more secure and efficient payment landscape in the foreseeable future.
Moreover, the shift to EMV technology fosters a seamless payment experience for consumers, reducing transaction-related concerns. With the chip-based EMV cards, users can trust that their payment information is better protected, contributing to increased confidence in using fuel dispensers and other payment systems. The decline in counterfeit fraud since the implementation of EMV further underscores its effectiveness. This growing trust in secure payment methods is likely to encourage broader consumer adoption and acceptance, reinforcing the importance of EMV technology in shaping a reliable and fraud-resistant payment ecosystem across various industries, including fuel dispensing.
| Report Attribute/Metric |
Details |
| Base Year For Estimation |
2021Market Forecast Period2022-2030Historical Data2018 & 2020Market Forecast UnitsValue (USD Billion)Report CoverageRevenue Forecast, Market Competitive Landscape, Growth Factors, and TrendsSegments CoveredProduct, Type, Application, and RegionGeographies CoveredNorth America, Europe, Asia Pacific, and the Rest of the WorldCountries CoveredThe U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and BrazilKey Companies ProfiledGilbarco Inc. (US), Dover Fueling Solutions (US), Tatsuno Corporation (Japan), Bennett Pump Company (US), Scheidt & Bachmann Tubs d.o.o. (Croatia), NEOTEC (Greece), LanFeng Co. Ltd (China), Piusi Spa (Italy)Key Market OpportunitiesThe automotive industry is experiencing a rise in the use of cost-effective alternativeKey Market DynamicsIncreasing awareness of biofuels among the general population To promote the use of hydrogen and compressed natural gas-fueled vehicles |
| Historical Data |
2018 & 2020Market Forecast UnitsValue (USD Billion)Report CoverageRevenue Forecast, Market Competitive Landscape, Growth Factors, and TrendsSegments CoveredProduct, Type, Application, and RegionGeographies CoveredNorth America, Europe, Asia Pacific, and the Rest of the WorldCountries CoveredThe U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and BrazilKey Companies ProfiledGilbarco Inc. (US), Dover Fueling Solutions (US), Tatsuno Corporation (Japan), Bennett Pump Company (US), Scheidt & Bachmann Tubs d.o.o. (Croatia), NEOTEC (Greece), LanFeng Co. Ltd (China), Piusi Spa (Italy)Key Market OpportunitiesThe automotive industry is experiencing a rise in the use of cost-effective alternativeKey Market DynamicsIncreasing awareness of biofuels among the general population To promote the use of hydrogen and compressed natural gas-fueled vehicles |
| Forecast Period |
2022-2030Historical Data2018 & 2020Market Forecast UnitsValue (USD Billion)Report CoverageRevenue Forecast, Market Competitive Landscape, Growth Factors, and TrendsSegments CoveredProduct, Type, Application, and RegionGeographies CoveredNorth America, Europe, Asia Pacific, and the Rest of the WorldCountries CoveredThe U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and BrazilKey Companies ProfiledGilbarco Inc. (US), Dover Fueling Solutions (US), Tatsuno Corporation (Japan), Bennett Pump Company (US), Scheidt & Bachmann Tubs d.o.o. (Croatia), NEOTEC (Greece), LanFeng Co. Ltd (China), Piusi Spa (Italy)Key Market OpportunitiesThe automotive industry is experiencing a rise in the use of cost-effective alternativeKey Market DynamicsIncreasing awareness of biofuels among the general population To promote the use of hydrogen and compressed natural gas-fueled vehicles |
| Growth Rate |
5.82% (2022-2030)Base Year2021Market Forecast Period2022-2030Historical Data2018 & 2020Market Forecast UnitsValue (USD Billion)Report CoverageRevenue Forecast, Market Competitive Landscape, Growth Factors, and TrendsSegments CoveredProduct, Type, Application, and RegionGeographies CoveredNorth America, Europe, Asia Pacific, and the Rest of the WorldCountries CoveredThe U.S, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and BrazilKey Companies ProfiledGilbarco Inc. (US), Dover Fueling Solutions (US), Tatsuno Corporation (Japan), Bennett Pump Company (US), Scheidt & Bachmann Tubs d.o.o. (Croatia), NEOTEC (Greece), LanFeng Co. Ltd (China), Piusi Spa (Italy)Key Market OpportunitiesThe automotive industry is experiencing a rise in the use of cost-effective alternativeKey Market DynamicsIncreasing awareness of biofuels among the general population To promote the use of hydrogen and compressed natural gas-fueled vehicles |
