In terms of revenue, the Global Dual Interface Payment Card Market is expected to reach USD 56.8 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 16.10% from 2022 to 2028.
The increase in advantages which include advanced card durability and rapid transaction processing supplied with the aid of using those cards is expected to support the growth of the market during the forecast period.
Key Highlights from Report:
- The composite substrate smart cards are extremely water-resistant and expected to grow at a considerable Compound Annual Growth Rate (CAGR) during the forecast period. These features have made composite smart cards a favorite due to the great preference for workplace and RFID tags in workplaces and toll booths. Additionally, smart cards for PVC substrates offer the advantage of including a variety of UV coatings, depending on the degree of finish preferred. Polycarbonate smart cards are among the excellent alternatives to debit and credit cards, as well as loyalty cards.
- The dynamic application segment held substantial shares in 2021. This type of operating system has applications in SIM cards, credit & debit cards, and loyalty cards and also helps in the automated updating of information without requiring additional programming. Additionally, they also provide security to the recorded information using encryption technology. However, the fixed file structure card operating systems discover utility in the workplace and healthcare segments. These are very powerful for reading biometrics and issuing info at the same time as in touch with the reader.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period owing to the strong growth in the consumer electronics sector and growing demand for loyalty cards. Regional trends and regulatory policies play an important role in the development of dual interface smart cards concerning data privacy and encryption technology.
Dual Interface Payment Cards provide speedy transaction processing due to the fact they may be capable of technique each EMV chip and magnetic stripe transactions. This permits traders to have the choice of the use of an EMV card reader that can technique contactless transactions or a swiping tool that procedures the most effective magnetic stripe playing cards. Merchants who use this machine will now not buy separate terminals that will receive EMV chips even as additionally being capable of swiping different varieties of payment cards. Improved card sturdiness is riding an increase in Dual Interface Payment Cards. Service companies at the moment are offering higher payment cards with decreased magnetic stripe performance, to assist defend them against statistics loss. This approach that the playing cards have an extended shelf existence earlier than being out of date; making it much more likely that clients will use their payment cards for a prolonged length of time. This produces a better stage of comfort which inspires customers to maintain the use of their payment cards.
Asia Pacific held the largest shares in 2021. China has been one of the pioneers in phasing out assessments and introducing contactless bills, main to the creation of virtual playing cards. Further, numerous Chinese banks are growing virtual wallets, and the People’s Bank of China showed that purchasers might be capable of shopping virtual foreign money on each bodily and virtual wallet. The People’s Bank of China (PBOC) has multiplied its primary financial institution virtual foreign money (CBDC) pilot to encompass a contactless ‘tough wallet’ and NFC wearables that allow purchasers to make in-shop and transit fare bills with their virtual yuan.