The global dual interface payment card market is currently valued at USD 1481.84 billion and is projected 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 features radio technology that enables contactless use.
Dual-interface cards typically cost about twice as much to produce as a smart card.
The demand for contactless connectivity in 2020 has accelerated the adoption and issuance of dual-interface smart cards.
Credit and debit cards traditionally require a user to swipe the card through an electronic terminal.
This allows the terminal to read the magnetic stripe on the back of the card, which contains account credentials.
The dual-interface smart card is a type of smart card with an embedded chip that can facilitate both contact and contactless (or tap-and-pay) transactions.
Featuring 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 called a type of debit or credit card that has a single embedded chip allowing it to be used for contactless and contact transactions. This chip has the ability to work in traditional EMV readers and is also integrated with radio technology that allows it to facilitate contactless transactions. These cards are mainly used in industries such as BFSI, telecommunications and retail marketing, among others.
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Key Trends in the Global Dual Interface Payment Card Market:
Technological advancements in the healthcare sector and increasing automation in this sector are expected to further drive the growth of the market.
The launch of Next Generation Networks (NGN) and the implementation of Internet of Things (IoT) will contribute to the growth of the market as a consequence of the growing demand for many applications such as asset biotechnology, smart cities , smart grids, smart stadiums and connected cars.
Dual-interface payment cards with embedded semiconductor chips help transmit data more securely using 128 or 64-bit encryption technology, depending on the type of application and the semiconductor chip used. The growing demand for smartphones is expected to drive the expansion of the dual interface smart card market.
What are the main propellants and brakes on the expansion of this commercial sphere?
Growing demand for contactless payment options, widespread digital evolution, and increasing integration of advanced technologies such as cloud computing in the financial sector are mainly increasing the prospects of this industry vertical. At the same time, the increasing adoption of dual biometric interface payment cards due to their benefits such as better risk management is positively influencing the market dynamics.
In addition, these cards offer benefits such as fast transaction processing, increased card longevity and flexibility of use. This in turn creates lucrative opportunities for this vertical business to thrive.
In addition, the increase in investment by capital companies in debit and credit card companies is boosting the overall dynamics of the sector. Moreover, the growing enthusiasm of consumers for online purchases contributes to the development of this market.
On the contrary, the lack of knowledge among the masses regarding the benefits of these cards hampers the scope of earnings from this sphere of the industry.
Sector assessment of the global dual interface payment card market
The plastic segment is expected to register notable gains over the period 2022-2030 owing to the growing adoption of plastic credit and debit cards due to their light weight and ease of use.
In terms of end use, the commercial sphere is fragmented into corporate use and individual use. The individual usage segment is expected to capture a substantial share of revenue owing to the growing inclination of the masses towards contactless payment methods.
- SIM cards & telecommunications
- Enterprise and network security
- Loyalty and stored value
- Control of on-board medical devices
- Bank-issued chip cards
- Securing digital content
- Physical assets
- Health informatics
Among these, the e-commerce segment is expected to generate significant returns over the stipulated period. This is attributed to the growing preference of the masses for online shopping.
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Explain the geographic scope and competitive terrain of this industry vertical
North America, Middle East & Africa, Europe, Asia-Pacific, and Latin America are the major regions making up the geographical scope of the global dual interface payment card market. Among these, Asia-Pacific is expected to exhibit lucrative progression trends over the period 2022-2030. This is attributed to the boom in the consumer electronics industry, the growing demand for loyalty cards, and widespread technological developments in the field.
The major players operating in the vertical industry 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.
In particular, in January 2020, Confidex signed a partnership agreement with the Thales group to enrich its product portfolio and exploit emerging markets.
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