The global dual interface payment card industry is driven by the increase in demand for contactless payments, the rise in adoption of internet banking, and the growth in adoption of various strategies by government authorities and businesses.
PORTLAND, Ore., July 17, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Dual Interface Payment Card Market by Type (Plastic and Metal) and End User (Retail & E-commerce, Transportation Healthcare, Hospitality & Tourism, and Others): Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the dual interface payment card industry generated $7.8 billion in 2022, and is anticipated to generate $37.9 billion by 2032, witnessing a CAGR of 17.4% from 2023 to 2032.
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Prime Determinants of Growth:
The global dual interface payment card market is driven by the increase in demand for contactless payments, the rise in adoption of internet banking, and the growth in adoption of various strategies by government authorities and businesses. However, high initial costs and expenses and a lack of consumer knowledge and awareness restrict market growth. Furthermore, the surge in the integration of advanced technologies offers a strong opportunity for the dual interface payment card industry. In addition, the growing utilization of NFC infrastructure is also expected to provide lucrative opportunities for market growth during the forecast period.
Report Coverage & Details:
Market Size in 2022
Market Size in 2032
No. of Pages in Report
Type, End User, and Region
The increase in demand for contactless payments
Rise in adoption of internet banking
Growth in adoption of various strategies by government authorities and businesses
Surge in the integration of advanced technologies
The growing utilization of NFC infrastructure
High initial cost and expenses consideration
Lack of consumer knowledge and awareness
- The COVID-19 pandemic had a significant impact on the global dual interface payment card industry, as the pandemic forced individuals or different organizations to adopt the work-from-home mode. It further caused a global decline in demand for traditional bank operations due to lockdown measures and transport restrictions imposed by national authorities.
- In addition, the industry is shifting towards remote work and virtual events. Dual interface payment cards play a crucial role in enabling online payments, allowing individuals to discover online transaction options with the contactless option. Moreover, dual interface payment cards can help consumers with the digital transformation of banking operations. This has increased the growth of the market.
The plastic segment to maintain its leadership status throughout the forecast period-
Based on type, the plastic segment held the highest market share in 2022, accounting for nearly three-fourths of the global dual interface payment card market revenue, and is estimated to maintain its leadership status throughout the forecast period. Several businesses started to provide eco-friendly plastic cards produced from recycled plastic, from BFSI to manufacturing and healthcare. However, the metal segment would display the highest CAGR of 20.7% from 2023 to 2032. Metal-based cards play a vital role in the dual interface payment card market, and due to their endurance compared to plastic-based cards, metal cards are becoming more popular.
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The retail segment to maintain its lead position during the forecast period-
Based on end user, the retail segment accounted for the largest share in 2022, contributing to more than two-fifths of the global dual interface payment card market revenue, and is expected to maintain its lead position during the forecast period. Outdoor dual interface payment card solutions offer a wide range of benefits for the retail industry, including a contactless payment option. These solutions provide detailed and up-to-date payment solutions that help users in the retail sector. However, the hospitality and tourism segment would portray the fastest CAGR of 23.3% from 2023 to 2032. The increased international travel and growing demand for mobile payment options in these sectors are expected to contribute to market growth.
North America region to maintain its dominance by 2032-
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global dual interface payment card market revenue. due to the increase in investment in advanced technologies such as cloud-based services, AI, ML, and IoT to improve banking and finance businesses and the customer experience. Thus, it is anticipated to propel the growth of the market. On the other hand, the Asia-Pacific region is expected to maintain its dominance throughout the forecast period. The same region is expected to witness the fastest CAGR of 19.1% from 2023 to 2032, owing to an increase in penetration of digitalization and higher adoption of advanced technology.
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Leading Market Players: –
- Thales Group
- CPI Card Group Inc.
- Eastcompeace Technology Co., Ltd.
- Giesecke+Devrient GmbH
- Infineon Technologies AG
- Paragon Group Limite
- Watchdata Co., Ltd.
- Wuhan Tianyu Information Industry Co., Ltd.
The report provides a detailed analysis of these key players in the global dual interface payment card market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant positions in different countries. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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