Dual Interface Payment Card Market valued at USD 1481.84 Billion in 2022 and is expected to reach a value of USD 5132.68 Billion in 2030 growing at a CAGR of 16.8%.
The global Dual Interface Payment Card Market is presently valued at USD 1481.84 billion and is poised to reach an annual valuation of USD 5132.68 billion by 2030, registering a CAGR of 16.8% over the forecast period.
Global Dual Interface Payment Card Market: Description
A dual interface chip card is a credit or debit card with a single embedded chip that allows the card to be used in both contact and contactless transactions.
The chip works in traditional physical EMV readers but also has radio technology that allows for no-contact use.
Dual interface cards generally cost approximately twice as much to produce as a chip card.
The demand for contactless connectivity in 2020 hastened the adoption and issuance of dual interface chip cards.
Credit and debit cards have traditionally required a user to swipe the card through an electronic terminal.
This allows the terminal to read the magnetic strip on the back of the card, which contains identifying information about the account.
The dual interface chip card is a type of smart card with an embedded chip that can facilitate both contact and contactless transactions (aka tap-and-pay).
Equipped with a hidden antenna, a contactless card allows users to wave their card in front of a reader to pay for an item.
A dual interface payment card is referred to as a type of debit or credit card that is equipped with a single embedded chip allowing it to be utilized for both contactless and contact based transactions. This chip has the ability to function in traditional EMV readers and is also integrated with a radio technology which enables it to facilitate no-contact transactions. These cards are predominantly used in sectors such as BFSI, telecommunication, and retail marketing, among others.
Key Trends Of Global Dual Interface Payment Card Market:
Technological Advancements:
Technological advancements in the healthcare industry and increasing automation in this industry are expected to further propel market growth.
The launch of Next Generation Networks (NGNs) and implementation of Internet of Thing (IoT) will aid market growth, as an aftereffect of increasing demand for numerous applications such as assets biotechnology, smart cities, smart grids, smart stadiums, and connected cars.
Dual interface payment cards with embedded semiconductor chips help in the transmission of data with more security by 128 or 64 bite encryption technology, depending on the type of application and semiconductor chip used. Increasing demand for smartphones is expected to drive the expansion of the dual interface smart card market.
What are the primary expansion propellants and restraints of this market sphere?
The escalating demand for contactless payment options, widespread digital evolution, and rising integration of advanced technologies like cloud computing in the finance sector are primarily augmenting the outlook of this industry vertical. Alongside, growing adoption of biometric-based dual interface payment cards owing to their benefits like better risk management is positively swaying the market dynamics.
Furthermore, these cards offer advantages such as fast transaction processing, enhanced card longevity, and usage flexibility. This in turn is creating lucrative opportunities for this business vertical to prosper.
Also, rising investments by capital firms into debit and credit card companies is stimulating the overall industry dynamics. Moreover, increasing consumer inclination towards online shopping is contributing to the development of this marketplace.
On the contrary, lack of cognizance among the masses regarding the benefits of these cards is hindering the remuneration scope of this industry sphere.
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Segmental assessment of global dual interface payment card market
Based on type
The plastic segment is anticipated to amass notable gains over 2022-2030 ascribing to the rising adoption of plastic-based credit and debit cards due to their light weight and ease of use.
In terms of end use, the business sphere is fragmented into enterprise use and individual use. The individual use segment is expected to capture a substantial revenue share attributing to the rising inclination of the masses towards contactless payment modes.
By Application
Among these, the e-commerce segment is anticipated to generate significant returns over the stipulated timeline. This is credited to the shifting preference of the masses towards online shopping.
Expounding the geographical ambit and competitive terrain of this industry vertical
North America, Middle East & Africa, Europe, Asia Pacific, and Latin America are the major regions constituting the geographical ambit of the worldwide dual interface payment card market. Among these, Asia Pacific is projected to showcase lucrative progression trends over 2022-2030. This is attributable to the booming consumer electronics industry, escalating demand for loyalty cards, and widespread technological evolution in the field.
The prominent players operating in the business vertical are CardLogix, CPI Card Group, DATANG, Dzcard, Eastcompeace Technology Co., Ltd., Gemalto, Giesecke+Devrient GmbH, GoldPac, HENGBAO, HID Global Corporation, IDEMIA, Infineon Technologies AG, Inteligensa, Oberthur Technologies, OT-Morpho G&D, Paragon Group Limited, Thales Group, VALID, Watchdata, and Wuhan Tianyu.
Notably, in January 2020, Confidex inked a partnership deal with Thales Group to enhance its product portfolio and tap into emerging markets.
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Dual Interface Payment Card Market , Global Dual Interface Payment Card Market , Dual Interface Payment Card Market 2022 , United States Dual Interface Payment Card Market
Nov 04, 2022
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