According to a new report published by Allied Market Research, titled, “Dual Interface Payment Card Market,” The dual interface payment card market was valued at $7.8 billion in 2022, and is estimated to reach $37.9 billion by 2032, growing at a CAGR of 17.4% from 2023 to 2032.
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Dual interface payment card provides both contact less and contact-based capabilities to various industries, reducing operational costs, increasing efficiency & accuracy, and improving customer experience. It is made of a kind of smart card with an embedded chip that can enable both contact and contactless transactions. Moreover, contactless capabilities have become increasingly important as businesses strive to streamline their operations and increase productivity. Such dual interface payment card market trends provide lucartive opportunities for the market growth during the forecast period. In addition, dual interface payment cards provide effective payment processing convenience. With the growth of urbanization, there is an increase in demand for intelligent banking systems that can improve the flow of payment systems. As a result, the dual interface payment card market expansion is driven by the need for intelligent and automated payment systems that can process and analyze vast amounts of data in real-time, enabling organizations to make informed decisions and take actions based on data-driven insights.
On the basis of end user, the retail segment dominated the dual interface payment card market size in 2022 and is expected to continue this trend during the forecast period. This is attributed to the numerous advantages offered by the dual interface payment card in the retail sector such as the contactless payment option, which further drives the demand for dual interface payment card market growth within the sector. However, the hospitality and tourism segments are expected to exhibit the highest growth during the forecast period. Factors such as increased international travel and growing demand for mobile payment options are further expected to provide lucrative growth opportunities for the market during the forecast period.
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By region, North America dominated the market share in 2022 for the dual interface payment card market, as this region has been at the forefront of digital solutions initiatives, including the development and adoption of advanced technologies. The region has a strong presence of major technology companies, such as CPI Card Group Inc. and others, which have heavily invested in advanced payment platforms and services. Thus, anticipated to propel the growth of the dual interface payment card market segmentation. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the rapid growth in contactless payment solutions adoption across various industries, including manufacturing, logistics, healthcare, smart cities, and agriculture are expected to provide lucrative dual interface payment card market opportunities in this region.
The outbreak of COVID-19 is projected to provide a range of new avenues for the market to grow over the forthcoming period. These novel opportunities include a surge in integration for IoT, artificial intelligence, and other advanced technologies coupled with growing adoption of cloud solutions in banking related operations. Further, several companies often deploy technologies like process automation and contactless payment services to provide improved efficiency and reduce maintenance expenses during the outburst of the COVID-19 crisis continuously and rapidly. Besides, the robust demand for emerging technologies, which are suitable for consumer needs, has grown substantially in the last few years. Thus, such factors support market growth across the globe.
In addition, several companies are also incorporating advanced and innovative solutions, as well as providing advanced payment system execution in bank operations to seamless transfer of condition-based and predictive payment requirements. For instance, in December 2020, the State Bank of India (SBI), along with the National Payments Corporation of India (NPCI) and Japan’s JCB International Co, introduced launch of SBI RuPay JCB Platinum Contactless Debit Card. It is a step to harness the benefits of digitalization for boosting bank performance with a special focus on contactless payment systems. Such strategic initiatives create numerous opportunities for the dual interface payment card market forecast.
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Key Findings of the Study
- By type, the plastic segment accounted for the largest dual interface payment card market share in 2022.
- By end user, the retail sector accounted for the largest segment in 2022.
- Region wise, North America generated the highest revenue in 2022.
The market players operating in the dual interface payment card market analysis are Thales Group, CPI Card Group Inc., Eastcompeace Technology Co., Ltd., Giesecke+Devrient GmbH, Goldpac, IDEMIA, Infineon Technologies AG, Paragon Group Limited, Watchdata Co., Ltd. and Wuhan Tianyu Information Industry Co., Ltd. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, which help to drive the growth of the dual interface payment card industry globally.
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