GVR Report cover Dual Interface Payment Card Market Size, Share & Trends Report

Dual Interface Payment Card Market Size, Share & Trends Analysis Report By Type, By End Use, By Region, And Segment Forecasts, 2021 To 2028

  • Published Date: ---
  • Base Year for Estimate: ---
  • Report ID: GVR452091
  • Format: Electronic (PDF)
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  • Number of Pages: 0

The global dual interface payment card market is expected to witness significant growth over the forecast period. The market growth can be attributed to benefits such as improved card longevity and fast transaction processing offered by these cards. A dual interface payment card consists of an embedded chip that allows card owners to conduct contactless as well as contact transactions. The contactless feature offered by a payment card enables users to make payments via near-field communication and radio frequency identification technologies. The contact feature refers to payments made by using the traditional magnetic strip.

Global Dual Interface Payment Card Market Segmentation

Segments

Details

Type

Plastic; Metal

End Use

Finance; Government; Transportation; Others

Region

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

 

The growing demand among banks for biometric-based dual interface payment cards is one of the major factors driving the market growth. This can be attributed to benefits such as enhanced customer experience and strengthened risk management offered by these cards. Numerous biometric payment card providers are investing in new products to meet the growing demand from banks. For instance, in January 2018, Thales Group, a software company, announced the launch of a biometric dual interface payment card for the Bank of Cyprus. This payment card features fingerprint sensors and supports both contact and contactless payments, enabling banks to enhance their customer experiences.

The COVID-19 pandemic has also led to a significant increase in the demand for contactless payments as a means to avoid physical contact and curb the spread of the virus. According to statistics provided by Mastercard, 51% of the U.S. population used contactless payment methods such as tap-to-go credit cards and mobile wallets in 2020. Additionally, 85% of consumers in the U.S. used contactless cards to buy essentials from grocery stores, 39% for pharmacies, 38% for retail, and 36% for restaurants.

Retailers worldwide are rapidly adopting tap-to-go card payments, which has resulted in an increased demand for dual interface payment cards. For instance, in August 2020, SpartanNash, a grocery store company, announced the deployment of contact-free payment options at checkout in 155 of its company-operated supermarkets. The contactless payment options include mobile pay, contactless card payment, and Fitbit payment.

Growing investments by capital firms in credit and debit card companies are creating new opportunities for market growth. For instance, in June 2021, Deserve, a fintech company, announced that it raised USD 50 million in a Series D round. This round was led by Mastercard, Ally Ventures, and Mission Holdings, among others. The funding is used by Deserve to modernize its credit card stack.

Key players in the dual interface payment card market include Thales Group; IDEMIA; VALID; Giesecke+Devrient GmbH; Eastcompeace Technology Co., Ltd.; DATANG; and Paragon Group Limited. These companies are focused on strategies such as product launches to strengthen their position in the market. For instance, in November 2020, IDEMIA announced the launch of its metal dual interface payment card in the Middle East. This initiative has helped the company to expand its market reach and product offering.

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