July 13, 2022 05:05 ET | Source: Vantage Market Research Vantage Market Research

WASHINGTON, July 13, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research’s recent analysis of the Global Dual Interface Payment Card Market finds that the potential benefits offered by these payment cards, such as fast transaction processing and improved card longevity, are a crucial driving factor in the growth of the Dual Interface Payment Card Market in coming years. In addition, the use of advanced technologies such as near-field communication and radio frequency identification technologies will shortly create lucrative growth opportunities for the Dual Interface Payment Card Market. The Global Market revenue stood at a value USD 23.1 Billion in the year 2021.

The Global Dual Interface Payment Card Market size is forecasted to reach USD 56.8 Billion by the year 2028 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 16.2% during the forecast period; states Vantage Market Research, in a report, titled “Dual Interface Payment Card Market Size, Share & Trends Analysis Report by Substrate (PVC, Composite, PC Paper, Teslin/ Synthetic Paper), by Embedded Chips (Microprocessors, I2C Straight Memory Cards, Stored Value Memory Cards, Protected Segment Memory Cards), by Operating System (Fixed File Structure, Dynamic Application System), by Application (SIM Cards &Telecommunications, Loyalty & Stored Value, Securing Digital Content & Physical Assets, e-Commerce), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.

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Key Insights & Findings from the Report:

Growing Demand among Banks for Biometric-Based Dual Interface Payment Card Markets

Coinciding with the aging population of bank customers, the number of frauds is increasing daily. To tackle this problem, there is an emergence of biometric-based dual-interface payment cards. Nowadays, banks are adopting advanced technology to tackle security concerns related to essential data. In addition, banks are using fingerprint or iris scanning as an authentication measure for existing passwords to make it more difficult for fraudsters to access bank accounts. These new cards allow customers to access their account information instantaneously. As customers are willing to shift toward contactless payment, these cards will be majorly adopted by customers in the coming years. Hence, the increase in demand for dual interface cards and biometric methods for keeping the data safe is an essential factor driving the Dual Interface Payment Card Market growth.

Improved card longevity accelerates the growth of the Dual Interface Payment Card Market. Service providers are now providing better cards with reduced magnetic stripe performance, which will help protect them against data loss. Contactless smart cards with enabled Wi-Fi module transactions are among the best examples of innovation concerning these cards. The cards have a longer shelf life before being out of date, making it more likely that customers will use their cards for an extended period. This produces a higher level of convenience, encouraging consumers to continue using their cards. Hence, this payment card features fingerprint sensors and supports both contact & contactless payments, enabling banks to enhance their customer experiences.

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Segmentation of the Global Dual Interface Payment Card Market:

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The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the Dual Interface Payment Card Market industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:

The Report on Dual Interface Payment Card Market Highlights:

Browse market data Tables and Figures spread through 147 Pages and in-depth TOC on "Dual Interface Payment Card Market Size, Share & Trends Analysis Report by Substrate (PVC, Composite, PC Paper, Teslin/ Synthetic Paper), by Embedded Chips (Microprocessors, I2C Straight Memory Cards, Stored Value Memory Cards, Protected Segment Memory Cards), by Operating System (Fixed File Structure, Dynamic Application System), by Application (SIM Cards &Telecommunications, Loyalty & Stored Value, Securing Digital Content & Physical Assets, e-Commerce), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".

Asia Pacific Anticipated Potential Market Growth

Asia Pacific is seen as the most lucrative region in the Global Dual Interface Payment Card Market, backed by high growth in the consumer electronics industry as well as increasing demand for loyalty cards. Regional trends and regulatory policies play an essential role in developing the semiconductors and Dual Interface Payment Card Markets concerning data privacy and encryption technology. Favorable regulatory compliance and sustained demand from the telecommunications, BFSI, e-Commerce, and retail marketing sectors for smart cards in developing economies such as India and China are creating numerous opportunities for the Dual Interface Payment Card Market in the region.

Furthermore, Europe is expected to hold the second-largest Global Dual Interface Payment Card Market share due to the technically advanced semiconductor industry and increasing standard of living.

List of Prominent Players in the Dual Interface Payment Card Market:

January 2021: IDEMIA signed a four-year agreement with Jyske Bank, the second-largest Danish-owned bank, to introduce the first recycled plastic payment card in Denmark.

June 2020: The Macao government-issued contactless prepaid payment cards pre-loaded with credit to mitigate the economic impact of the COVID-19 pandemic and provide financial support to its citizens. G+D Mobile Security produced the cards.

June 2020: CPI and Visa Inc. launched the Earthwise High Content Card, made with up to 98% upcycled plastic. Through an exclusive agreement, the companies will initially provide all Visa-issuing financial institutions worldwide access to the Earthwise High Content Card, which is EMV-compliant and dual interface capable, enabling contact and contactless payments.

January 2020: Confidex, a leading designer and supplier of short-range wireless identification solutions, entered into a partnership with Thales to develop flexible, innovative media for Calypso-based systems. Confidex used Gemalto’s software solutions to create a new category of the microprocessor-based creative press. These products include durable contactless paper cards embedded with a PET layer that reinforces the structure of the card.

Key questions answered in the report:

This market, titled “Dual Interface Payment Card Market” will cover complete information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others, as mentioned below:

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