Global Dual Interface Payment Card Market
Global Dual Interface Payment Card Market Size More Than Triples to Cross USD 21.4 Billion by 2029
Published | 01 January 2023
Global dual interface payment card market is flourishing because of increasing bank demand for biometric-based dual interface payment cards, improvements in card longevity, and growing collaborations to offer contactless credit cards aimed exclusively at small businesses.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global dual interface payment card market size at USD 6.87 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global dual interface payment card market size to grow at a significant CAGR of 18.1% reaching a value of USD 21.43 billion by 2029. Major factors for the expansion of global dual interface payment card market include increasing strategic alliances between banks, hybrid smart card manufacturers, and dual interface card manufacturers to improve service and customer experience as well as increasing demand for biometric-based dual interface payment card among banks, and enhancements in the longevity of the cards. Increasing venture capital investments in companies supplying dual interface cards for payment is expected to give new prospects for market growth. Furthermore, the inclusion of several technologies, such as Near Field Communication (NFC) and Radio Frequency Identification (RFID), onto dual interface cards has allowed users to execute contactless payments in a seamless manner. Therefore, all these factors are expected to boost the expansion of global dual interface payment card market during the forecast period. However, rise in the security concern among individuals and emergence of mobile wallets impacting for smart cards are anticipated to hamper the growth of global dual interface payment card market.
Global Dual Interface Payment Card Market – Overview
Customers benefit from the versatility of dual interface payment cards, as they can use them to conduct contact or contactless payments. As a result, consumers worldwide are gravitating toward dual interface payment cards. Users favor dual interface cards, as they allow for faster payment processing and shorter checkout lines. Furthermore, smart cards provide advantages such as increased card longevity and fraud protection using more dependable and secure tap-to-pay technology.
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Challenge: Data security and privacy concerns
One of the challenges impeding the industry's growth is the growing concern for payment security because of the contactless payment mechanism in the dual interface card. In addition, the increasing demand for hardware updates at point-of-sale terminals to handle such payment technology is anticipated to stymie market growth. Another aspect that is anticipated to limit the expansion is the high cost of producing the dual interface card. However, such obstacles can be overcome by developing technology and making the manufacturing process more efficient.
Impact of COVID-19 on Global Dual Interface Payment Card Market
COVID-19 pandemic had a key contribution to the growth of the dual interface payment card market. During the COVID-19 pandemic, the stringent lockdown measures for social distance increased the adoption of contactless payments across the world. According to Visa data, tap-to-pay and other contactless payment methods were chosen by nearly 60% of Visa transactions outside the US in May 2020. As a result of the growing acceptance of contactless payments, the dual interface payment cards market has gained new growth potential.
Global Dual Interface Payment Card Market – By End Use
Based on end use, global dual interface payment card market is segmented into Retail, Transportation, Healthcare, and Hospitality industries. The retail segment held the highest market share. Several merchants around the world are implementing tap-and-go payment technology to streamline their operations and improve the consumer experience. Followed by transportation segment is expected to dominate the market during period in analysis. The increased preference for contactless transportation payment solutions in smart cities is expected to boost category expansion. Furthermore, contactless payment transactions have increased in the transportation business when compared to cash payments due to variables such as accessibility and convenience.
Major players operating in global dual interface payment card market include Thales Group, IDEMI, VALID, Giesecke+Devrient GmbH, Eastcompeace Technology Co., Ltd., DATANG, Paragon Group Limited, CPI Card Group Inc., Watchdata Co., Ltd., Wuhan Tianyu, Infineon Technologies AG, Ingenico Group, and Inteligensa Group. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Dual Interface Payment Card Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Dual Interface Payment Card Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Dual Interface Payment Card Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Type (Plastic, Metal); By End Use (Retail, Transportation, Healthcare, Hospitality); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: January 2023
Increasing demand for biometric-based dual interface payment card among banks and enhancements in the longevity of the cards are projected to propel the expansion of global dual interface payment card market during forecast period between 2023 and 2029
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