Dual Interface Payment Card Market

Market Synopsis:

The Global Dual Interface Payment Card Market is valued at USD 23.1 Billion in the year 2021 and is expected to reach a value of USD 56.8 Billion by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 16.10% over the forecast period.

A dual interface chip card is a credit or debit card with a single integrated chip that enables contact and contactless transactions. The global market for dual interface smart cards is expected to increase. This can be attributed to smart cards' benefits, such as improved customer experience and risk management. Several biometric payment card companies are investing in new solutions to accommodate the increased demand from banks. Benefits such as increased card longevity and quick transaction processing have contributed to the markets growth. A Dual Interface Payment Card has an integrated chip that enables cardholders to make both contactless and contact transactions. Additionally, the healthcare industrys technological developments and growing automation are projected to boost market expansion further.

As a result of rising demand for various applications such as assets biotechnology, intelligent cities, smart grids, smart stadiums, and linked automobiles, the launch of Next Generation Networks (NGNs) and the adoption of the Internet of Things (IoT) will boost the market growth. One of the primary reasons driving market expansion is the increased demand among banks for biometric-based Dual Interface Payment Cards. This can be ascribed to smart cards' benefits, such as improved customer experience and risk management. Several biometric payment card companies are investing in new solutions to meet the growing demand from banks. One of the primary reasons driving market expansion is the increased demand among banks for biometric-based Dual Interface Payment Cards. However, High investment, card authentication, and technology are common challenges to the growth of the Global Dual Interface IC Card Market.

Market Segmentation:

The Dual Interface Payment Card Market is segmented into Substrate, Embedded Chips, Operating System, and Application. Based on Embedded Chips, the market is segmented as Microprocessors, I2C Straight Memory Cards, Stored Value Memory Cards, Protected Segment Memory Cards, and Serial Data Flash. Based on Operating systems, the market is divided into Fixed File Structure and Dynamic Application Systems. Based on Substrate, the market is segmented as PVC, Composite, PC Paper, Teslin/ Synthetic Paper, and Others. Finally, based on applications, the market is segmented as SIM Cards and Telecommunications, Loyalty & Stored Value, Securing Digital Content & Physical Assets, e-Commerce, Bank Issued Smart Cards, Healthcare Informatics, Embedded Medical Device Control, and Enterprise & Network Security.

Based on Substrate:

Based on Substrat, the market is segmented as PVC, Composite, PC Paper, Teslin/ Synthetic Paper, and Others. The composite substrate segment holds the largest share in the market during the forecast period. Dual interface smart cards with composite substrates provide durable lamination over printed material. Furthermore, composite substrate smart cards are exceptionally robust and resistant to water. Composite smart cards are the best solution for office and RFID tags in offices and toll booths because of these features.

Based on Applications:

Based on applications, the market is segmented as SIM Cards and Telecommunications, Loyalty & Stored Value, Securing Digital Content & Physical Assets, e-Commerce, Bank Issued Smart Cards, Healthcare Informatics, Embedded Medical Device Control, and Enterprise & Network Security. The global smart card market is expected to develop due to the increased need for secure and dependable payment transactions, improved security for offices, residential and commercial buildings, and an increase in mobile phone connection customers. In addition, customers are also adopting powered smart cards for the secure exchange of money utilizing smart cards.

In addition, the need for powered smart cards is being fueled by increased security for offices, commercial, and residential structures. Organizations, government offices, and educational schools or colleges increasingly use smart cards to restrict physical access to their offices or specific departments on campus.

North America is Projected to Grow at the Highest CAGR During the Forecast Period

North America is accounted to grow at the highest Compound Annual Growth Rate (CAGR) during the forecast period. Due to rapid growth in the consumer electronics industry, increased demand for loyalty cards, favorable regulatory compliances, and continuous demand from the telecommunications industry, markets in North America are expected to account for the largest share. The country has implemented smart cards in various sectors, including transportation. Organizations' inclination for cloud-based deployments to overcome on-premises limitations and increased awareness is creating new opportunities in the Global Dual Interface Payment Card Market. Increased data usage has resulted from transitioning from traditional networks to Long Term Evolution (LTE) networks worldwide.

Competitive Landscape:

The key players in the Global Dual Interface Payment Card Market include- American Banknote Corporation and others.

Segmentation of the Global Dual Interface Payment Card Market: