Amsterdam-based Gemalto, the inventor of smart card chips, believes it could soon double its near field communications chip business.

Gemalto CEO Olivier Piou said in an interview in Paris that the company had the capacity to add 50 more contracts to design NFC-enabled chip cards according to a story by Bloomberg.

The company ended its first quarter with 50 such projects already under contract, including one with JPMorgan Chase. The bank said in February that Gemalto would manage the credit and debit card data of its customers for contactless payments.

“We realized the market was exploding way beyond what we had expected,” Piou said in the interview. “We’re headed for a market with potentially thousands of clients.”

France's Credit Agricole, one of the country's three biggest lenders will use Gemalto’s Optelio contactless banking card in France. Customers will be able to use the card at the point of sale for instant purchases of less than 20 euros ($25.60).

In the U.S., Gemalto is also working with ISIS, an NFC-enabled mobile wallet collaboration between AT&T, T-Mobile and Verizon.

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