The global Dual Interface Payment Card Market was valued at USD 6.8 Billion in 2022 and it is anticipated to grow up to USD 32.3 Billion by 2032, at a CAGR of 16.9% during the forecast period.

A dual interface payment card is a credit or debit card that can be used in both contact and contactless payment systems. The card contains a chip that can be read by a card reader when the card is inserted into a slot, as well as a radio frequency (RFID) antenna that can be read by a contactless reader when the card is held near the reader. Dual interface cards offer the convenience of contactless payments for small transactions, such as retail purchases, while still allowing the card to be used for larger transactions, such as at an ATM, where a card reader is required. The use of dual interface cards is growing as more retailers adopt contactless payment systems.

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Market Trends and Drivers

The increasing demand for contactless payments by customers as well as small businesses is expected to drive market growth. Moreover, the increasing partnerships to launch contactless credit cards specifically designed for small businesses is expected to create growth opportunity for the growth of the dual interface payment cards market. For instance, in June 2022, Verizon announced its partnership with MasterCard and FNBO. This partnership was aimed at introducing small-scale business credit cards. The small business enterprises with these newly launched cards would be gaining the Verizon Business Dollars against gadgets or apparel for their company. Thereby enabling the scope of expansion for dual interface payment cards in the SMEs segment over the forecast period.

Market Restraints and Challenges

The increasing concern for payment security due to the contactless payment method in the dual interface card is one of the challenges hindering the growth of the industry. At the same time, the growing need for hardware upgrades at the point-of-sale terminals to support such payment technology is expected to hinder the growth of the market. Furthermore, the high cost incurred for manufacturing the dual interface card is another factor expected to restrain the growth. Though such challenges can be overcome by advancing in technologies and making the manufacturing process efficient.

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Global Dual Interface Payment Card Market Segmental Overview

The report analyses the global Dual Interface Payment Card Market based on Type, End-user, and region

Global Dual Interface Payment Card Market by Type

Based on type, the market is segmented as plastic, and metal. The plastic segment accounted for the largest revenue share in 2022. The growing technological advancement in the industry across developed and developing economies worldwide is driving the segment growth. Several vendors have started offering eco-friendly plastic cards made from recycled plastic to enhance their offerings. For instance, in March 2022, Thales Gemalto Bio-sourced (PLA) card received the certification for the bio-based content. Through this certification, the Thales Gemalto Bio-sourced (PLA) card was validated to contain bio-based content in its cards.

The metal segment is anticipated to witness significant growth over the forecast period owing to increasing demand for metal cards due to their durability compared to plastic-based cards. Additionally, the cost of metal cards is high as compared to plastic cards and is mainly distributed among the premium customers by the banks. Furthermore, the companies offering metal cards are increasingly involved in launching new metal cards, creating a growth opportunity for the segment. For instance, in November 2020, IDEMIA announced its dual interface metal payment card for the Middle East & Africa (MEA) region. This step has assisted the company in broadening its product offering and market reach in MEA.

Global Dual Interface Payment Card Market by End-user

Based on end-user, the market is segmented as Retail, Transportation, Healthcare, Hospitality, and Others. The retail segment accounted for the largest revenue share in 2022. Several retailers worldwide are adopting tap-n-go payments technologies to streamline their operations and enhance customer experience. According to a State of Retail Payments study conducted for the National Retail Federation by Forrester in 2020, revealed that almost 67% of retailers surveyed have adopted contactless payment solutions and 58% of retailers accept contactless payment through cards. Thus, the rise in contactless payment acceptance is expected to drive segment growth.

The transportation segment is anticipated to grow at a promising CAGR over the forecast period. The growing preference in smart cities for a contactless transport payment solution is anticipated to drive the segment growth. In addition, contactless payment transactions have raised compared to cash payments across the transport industry owing to factors, such as accessibility and convenience. For instance, in July 2020, BPC designed an automated solution for fare collection O-CITY. This aims at using these contactless cards on buses, subways, and trains as well as at parking lots and bike rentals.

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Major Players in the Global Dual Interface Payment Card Market

• Thales Group
• IDEMIA
• VALID
• Giesecke+Devrient GmbH
• Eastcompeace Technology Co., Ltd.
• DATANG
• Paragon Group Limited
• CPI Card Group Inc.
• Watchdata Co., Ltd.
• Wuhan Tianyu

COVID-19 Impact

The COVID-19 pandemic played a decisive role in driving the growth of the dual interface payment card market over the forecast period. The strict regulations for social distancing during the COVID-19 pandemic gained popularity for contactless payments across the globe. For instance, in May 2020, according to data from Visa, tap-to-pay and other contactless payment methods have been preferred by almost 60% of Visa transactions outside of the U.S. Thus, the increasing adoption of contactless payments created new growth opportunities for the dual interface payment cards market.

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Research Scope

• Scope – Highlights, Trends, Insights. Attractiveness, Forecast
• Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
• Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
• Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
• Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
• Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.

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