DUBLIN–(BUSINESS WIRE)–The “Global Dual Interface Payment Card Market Size, Share & Trends Analysis Report by Type (Plastic, Metal), by End-use (Retail, Healthcare, Transportation, Hospitality), by Region, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The global dual interface payment card market size is expected to reach USD 23.66 billion by 2030, growing at a CAGR of 16.2% from 2022 to 2030.
- Thales Group
- Giesecke+Devrient GmbH
- Eastcompeace Technology Co., Ltd.
- Paragon Group Limited
- CPI Card Group Inc.
- Watchdata Co., Ltd
- Wuhan Tianyu
The market is anticipated to witness growth due to the increasing usage of payment cards across the globe.
For instance, in June 2021, according to the Smart Payment Association (SPA), payment cards consist of 40-60% of total online payments made, either directly or indirectly. At the same time, the strong emphasis of payment service providers on offering enhanced payment solutions to their customers is expected to propel growth.
Increasing strategic collaborations between banks, hybrid smart cards, and dual interface card manufacturing companies to provide better service and upgrade customer experience is expected to drive the market growth during the forecast period. For instance, in December 2020, Kasikornbank extended its partnership with dzcard, a smart card manufacturer. This partnership was aimed at launching a contactless debit card along with a credit line by leveraging dzcard’s dual interface EMV debit card.
The increasing investments by venture capital into the companies offering dual interface cards for payment is anticipated to create new opportunities for the growth of the market during the forecast period. For instance, in April 2022, Financepeer, an Edu-fintech company, raised USD 31 million through a Series B funding round. The funds were utilized to enhance its technology platform and expand its offerings. Later, in June 2022, Financepeer launched a UVA card powered by Visa.
This UVA card or a dual-interface card was designed for students to make day-to-day transactions easier. Such initiatives are expected to propel the growth of the industry.
The outbreak of COVID-19 played a vital role in driving the growth of the dual interface payment card market. The COVID-19 pandemic increased the preference for contactless payments among the people while processing payments at restaurants is one of the factors expected to drive the market growth. Moreover, in April 2020, according to a Mastercard survey, almost 8 out of 10 people located globally said that they use contactless payments.
Dual Interface Payment Card Market Report Highlights
- The metal segment is expected to witness the fastest growth during the forecast period. The innovative technological advancements such as fingerprint sensor embedded into cards for biometric payment processing is expected to drive the growth
- The retail segment dominated the market in 2021 owing to the increasing usage of credit cards for online payments. For instance, according to the data released by RBI in march 2022, credit card payments made for e-commerce purchases were 76% more compared to in-store swipes
- The Asia Pacific regional market is expected to witness the fastest growth during the forecast period. The growing awareness of contactless payments across the region is expected to play a decisive role in driving the regional growth
Key Topics Covered:
Chapter 1 Methodology and Scope
Chapter 2 Executive Summary
Chapter 3 Dual interface payment card Industry Outlook
3.1 Market Segmentation and Scope
3.2 Market Size and Growth Prospects
3.3 Dual interface payment card Market – Value Chain Analysis
3.4 Dual interface payment card Market – Market Dynamics
3.4.1 Market driver analysis
18.104.22.168 Increasing demand for contactless payments
22.214.171.124 Increasing government initiatives to promote digital payments
3.4.2 Market challenge analysis
126.96.36.199 Cyber security risk associated with dual interface payment card
3.5 Penetration and Growth Prospect Mapping
3.6 Dual interface payment card Market – Porter’s Five Forces Analysis
3.7 Dual interface payment card Market – PESTEL Analysis
Chapter 4 FinTech Industry Highlights
4.1 Investor Strategies
4.2 Investor Vision & Goal Analysis
4.3 Funding Raised in Payment Cards
4.4 Investments Made in Self-checkout Stores
Chapter 5 Investment Landscape Analysis
Chapter 6 Dual Interface Payment Card Type Outlook
Chapter 7 Dual Interface Payment Card End-Use Outlook
Chapter 8 Dual Interface Payment Card Regional Outlook
Chapter 9 Competitive Analysis
9.1 Recent Developments & Impact Analysis, By Key Market Participants
9.2 Company Categorization
9.3 Vendor Landscape
9.4 Company Analysis Tools
Chapter 10 Competitive Landscape
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