Global Dual Interface Payment Card Market Forecast, Trend Analysis & Competition Tracking - Market Insights: 2015 – 2031

Global Dual Interface Payment Card Market Introduction

The introduction of the latest payment card, Dual Interface Payment Card has been a blessing to many consumers. It can be used as a debit or credit card and can also be used as an ATM card. These cards not only protect against fraud and theft, but also allow the consumer to shop online and in person at stores that accept these cards.

Request Covid - 19 Impact

This Card is a card that can be used with both magnetic stripe technology and an EMV chip for purchases. They are also known as dual interface cards or chip-and-signature cards. The cardholder inserts the card into an ATM machine using the magnetic stripe, runs it through the transaction, and then uses their signature to complete the purchase.

The dual interface payment card is a new type of credit card that is used in Europe, Canada and the United States. These cards have a contactless chip and a magnetic stripe that can be used interchangeably for contactless payments or to swipe with a store's card reader. This type of card eliminates the need to carry two different types of cards.

The global dual interface payment card market was valued at US$ 22.98 billion in 2020, and is projected to grow at a CAGR of 16.8%.

There are many disadvantages to the dual interface payment card. Dual interface just means that there are two different ways for someone to pay with this card, so one of the disadvantages is that it is not as flexible. It will not work in every single machine or POS terminal because it has both EMV and NFC capabilities, so if someone wants to use an NFC-enabled terminal but they only have EMV support on their phone, then they can't do anything with the card.

The global dual interface payment card market is segregated into type, end use, and regions. On the basis of type, the global dual interface payment card market is sub-segmented into plastic, and metal. With respect to end use, the global dual interface payment card market is distributed into finance, government, transportation, and other end uses. On the basis of region, the global dual interface payment card market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Growing demand among banks for biometric-based dual interface payment cards

Coinciding with the aging population of bank customers, there is a growing demand for biometric-based dual interface payment cards. Banks are responding to the need to keep up with technology advancements and security concerns. Banks are using fingerprint or iris scanning as an authentication measure in addition to existing passwords to make it more difficult for fraudsters to access bank accounts. These new cards allow customers access their account information instantaneously.

Fast transaction processing offered by dual interface payment cards

Dual Interface Payment cards offer fast transaction processing because they are able to process both EMV chip and magnetic stripe transactions. This allows for merchants to have the option of using an EMV card reader, which can process contactless transactions, or a swiping device that processes only magnetic stripe cards. Merchants who use this system will no longer have to purchase two separate terminals so they can accept EMV chip while also being able to swipe other types of cards.

Improved card longevity

Improved card longevity is driving growth of Dual Interface Payment Card. Service providers are now providing better cards with reduced magnetic stripe performance, which will help protect them against data loss. This means that 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 of time. This produces a higher level of convenience which encourages consumers to continue using their cards.

Advancing semiconductor industry and focus towards innovation

Semiconductors are a manufactured product, so they have to be created in a factory. Advancing technologies in semiconductors lead to more efficient production of the products, which is the reason for the focus on innovation in this industry. For semiconductors to be considered better, they have to be smaller and more powerful. The technology in this industry is advancing at a rapid pace because manufacturing processes are constantly being improved and newer materials are being added in order to create new innovations.

COVID-19 Impact Analysis of Payment Cards

The demand for consumer credit escalates noticeably during a financial disaster like the COVID-19 pandemic where jobs are threatened and pay falls, and consumers are utilizing their credit cards to pay for higher daily expenses. Consequently, high demand exists with respect to credit cards, leading to increases in demand in the credit card market. Also, this increased demand is largely attributed to the companies restoring their operations and returning to the affected areas after COVID-19, which led to employers settling into daily working hours, isolating themselves from the general public, and shutting down their finances, which led to operational difficulties for credit card companies.

Asia Pacific is expected to dominate the global market

The global dual interface payment card market is sub-segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Markets in the Asia Pacific region are expected to account for the largest share due to high growth in the consumer electronics industry as well as increasing demand for loyalty cards, and favorable regulatory compliances and sustained demand from the telecommunications.

Competitive Landscape for Dual Interface Payment Card Market

• Gemalto
• Giesecke & Devrient
• IDEMIA
• VALID
• Eastcompeace
• Wuhan Tianyu
• DATANG
• Paragon Group
• CPI Card Group
• Watchdata
• Other Key Players

Report Scope

• Forecast Period: 2022-2031
• Actual Year: 2021
• Historical Data Available for: 2015-2020

Key Segments Covered in Global Dual Interface Payment Card Market by Type

• Plastic
• Metal

Key Segments Covered in Global Dual Interface Payment Card Market by End Use

• Finance
• Government
• Transportation
• Other End Uses