Global Dual Interface IC Card Market Size By Type (Metal, Plastic), By End-Use (Retail, Transportation, Healthcare), By Geographic Scope And Forecast

Dual Interface IC Card Market Size And Forecast

Dual Interface IC Card Market size was valued at USD 6.89 Billion in 2022 and is projected to reach USD 22.95 Billion by 2030, growing at a CAGR of 14.07% from 2023 to 2030.

The continuous advancements in payment card technologies by companies have enabled the manufacturing of card payment businesses to improve their product offerings. Additionally, integrating RFID and Near Field Communications (NFC) technologies in the dual interface cards has enabled users to process non-contact payments seamlessly. These are some of the critical factors that are driving the growth of the market. The Global Dual Interface IC Card Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.

Global Dual Interface IC Card Market Definition

Dual interface IC cards are smart cards that can process payments in both contact and contactless interfaces. The cards are inserted in the smart card reader for physical contact payments and for non-contact payments RFID technology can be used to communicate with the reader enabling the user to the tap-and-pay function. The use of contactless chip cards allows the identifying information to be read easily by the sensor. These cards can be tapped or waved past a sensor that provides access to buildings.

Global Dual Interface IC Card Market Overview

The ability to use the cards for processing contact or contactless payments provides customers with options while using the dual interface payment cards. As a result, customers worldwide are adopting these dual-interface payment cards. Customers also prefer dual interface cards for faster payment processing and reduced waiting time. Additionally, these cards also offer added advantages such as longer card lifespan and better fraud protection due to the use of more reliable and secure tap-to-pay technology.

The market growth is attributed to be fueled due to the adoption of these cards by consumers and small enterprises for contactless payments. Moreover, the market for dual interface payment cards is anticipated to grow lucratively due to the growing partnerships to introduce contactless credit cards specifically created for small businesses. For instance, In November 2022, Zaggle, a software-as-a-service company, announced a collaboration with the National Payments Corporation of India (NPCI), wherein the entities will issue non-contact credit cards on the RuPay network. NPCI and Zaggle, along with the partner banks, will use the platform to launch multiple credit cards to meet the growing demand among SMEs, consumers, and corporates.

However, the market growth is predicted to be negatively impacted due to the increasing concerns about payment security from the dual interface card’s contactless payment method. The growing demand for point-of-sale terminal hardware improvements to handle this payment technology is anticipated to hamper the market’s expansion. Another aspect that is anticipated to impede expansion is the high cost associated with producing the dual interface card. However, these difficulties can be overcome by developing technology and streamlining the manufacturing process.

Global Dual Interface IC Card MarketSegmentation Analysis

The Global Dual Interface IC Card Market is Segmented on the basis of Type, End-Use, And Geography.

Dual Interface IC Card Market, By Type

• Plastic
• Metal

Based on Type, the market is segregated into Metal and Plastic. The Plastic segment accounted for the largest share in 2022. The increasing technological advancements undertaken by developed and developing economies globally are driving the segment growth. Moreover, to diversify their product portfolio, the vendors have started to offer exo-friendly cards produced from recycled plastic. Several vendors have begun providing eco-friendly plastic cards from recycled plastic to diversify their product options. For instance, in March 2022, the Thales Gemalto Bio-sourced (PLA) card was approved for its bio-based material.

Dual Interface IC Card Market, By End-Use

• Retail
• Transportation
• Healthcare
• Hospitality
• Others

Based on End-Use, the market is segmented into Retail, Transportation, Healthcare, Hospitality, and Others. The retail segment accounted for the largest market share in 2022. Several retailers worldwide are implementing tap-and-go payment systems to streamline their operations and improve the consumer experience. According to Forrester’s 2020 State of Retail Payments study for the National Retail Federation, about 67% of businesses questioned had used contactless payment systems, and 58% accept contactless payment through cards. As a result, the rise in contactless payment acceptance is likely to boost segment growth.

Dual Interface IC Card Market, By Geography

• North America
• Europe
• Asia Pacific
• Middle East and Africa
• Latin America

On the basis of Regional Analysis, The Global Dual Interface IC Card Market is classified into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the largest market share in 2022, owing to the presence of several key players, such as American Express and MasterCard. Furthermore, players in the region are developing dual-interface cards that will allow customers to use credit and debit cards with contactless payment technology; such initiatives are anticipated to drive the growth of the market in the region.

Key Players

The “Global Dual Interface IC Card Market” study report will provide valuable insight with an emphasis on the global market including some of the major players such as CPI Card Group, Thales Group, IDEMIA, VALID, Giesecke+Devrient GmbH, Eastcompeace Technology Co., Ltd., DATANG, Paragon Group Limited, Watchdata Co., Ltd., Wuhan Tianyu.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis.

Key Developments

• In November 2021, CPI Card Group announced it had partnered with PSCU wherein the companies aim to reduce the use of first-use plastic in the body of the card.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.

Market Attractiveness

The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Dual Interface IC Card Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.

Porter’s Five Forces

The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the global dual interface ic card market, gauge the attractiveness of a certain sector, and assess investment possibilities.

Report Scope

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Research Methodology of Market Research

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled<