Smart SIM Market - Growth in the number of international travelers and globalized business activities bode well for growth

Smart SIM is an advanced version of the subscriber identification module (SIM). SIM is an integrated circuit used for managing the international mobile subscriber identity (IMSI) number and the key related to this number. SIM is used to authenticate and identify subscribers on mobile devices. Smart SIM cards are primarily used with global system for mobiles (GSM) phones. Code division multiple access (CDMA) phones use smart SIM cards for the new long-term evolution (LTE) service.

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Growth in the number of international travelers and globalized business activities are anticipated to drive the global smart SIM market during the forecast period.

Furthermore, smart SIM cards are helpful in allowing banking transactions in a secured environment. These simplified transactions are protected with the help of personal identification number (PIN) and personal unblocking key (PUK). These codes help in establishing a secured connection with banks. Smart SIM cards are light in weight and have higher processing speed as compared to traditional smart cards. The encryption option available with smart SIM cards helps in secured storage of passwords and user identification codes.

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The encryption option available with smart SIM cards helps in secured storage of passwords and user identification codes. Phone banking activities have increased recently due to smart SIMs, as these SIM cards enable customers to pay their bills from their bank account through phone.

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