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%.
A credit or debit card having a single integrated chip that enables both contact and contactless transactions is known as a dual interface chip card.
The chip may be used without contact thanks to radio technology and is compatible with physical, conventional EMV readers.
Chip cards typically cost half as much to build as dual interface cards.
Dual interface chip cards were adopted and issued more quickly in 2020 due to the increased demand for contactless connectivity.
In the past, using credit and debit cards necessitated swiping the card through an electronic terminal.
As a result, the magnetic strip on the back of the card, which includes specific account information, can be read by the terminal.
A smart card having an embedded chip that enables both contact and contactless transactions is known as a dual interface chip card (aka tap-and-pay).
A contactless card has a concealed antenna that enables users to pay by waving the card in front of the scanner.
A payment card is a plastic card with an integrated circuit implanted that allows the user to make electronic payments, either with real money or by loading up a virtual wallet. Debit cards and bank cards are other names for payment cards. They can be swiped through Point of Sale terminals wherever they accept Mastercard PayPass, Visa payWave, American Express Tap & go, or Interac Flash contactless technology, such as mobile devices with Apple Pay and Google Wallet, which were introduced in September 2014, to make payments in person or to withdraw cash from one’s account at ATMs. In December 2012, Toronto buses became the first to deploy the tap-and-go system, which was later made available throughout Canada and France.
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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.
Global Dual Interface Payment Card Market: Segmentations
Major Key Players
- 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
- Wuhan Tianyu
Based On Type:
- Plastic Type Dual Interface Payment Card
- Metal type Dual Interface Payment Card
Based On Application:
- Finance
- Transportation
- Government Public Utilities
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COVID-19 Impact Analysis
Over the course of the projection period, the COVID-19 epidemic significantly influenced the growth of the dual interface payment card market. Global acceptance of contactless payments has increased because to the COVID-19 pandemic’s stringent social segregation laws. For instance, statistics from Visa shows that in May 2020, about 60% of Visa transactions outside of the United States preferred tap-to-pay and other contactless payment methods. Thus, the market for dual interface payment cards saw new growth potential as contactless payments became more widely accepted.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of this Market?
- How will the Dual Interface Payment Card Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Dual Interface Payment Card Market?
- What is the Dual Interface Payment Card market drivers and restrictions?
- What will be the CAGR and size of the Dual Interface Payment Card Market throughout the forecast period?
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