Dublin, Sept. 06, 2022 (GLOBE NEWSWIRE) -- The "Global Dual Interface Payment Card Market Size, Share & Industry Trends Analysis Report By Type (Plastic and Metal), By End Use (Retail, Transportation, Healthcare, Hospitality, and Others), By Regional Outlook and Forecast, 2022 - 2028" report has been added to ResearchAndMarkets.com's offering.
The Global Dual Interface Payment Card Market size is expected to reach $17.9 billion by 2028, rising at a market growth of 16.8% CAGR during the forecast period.
A contactless payment card with both NFC and a magnetic stripe is known as a dual interface payment card. This enables the user to utilize their smartphone, watch, tablet,or other connected device to swipe or tap at point-of-sale terminals and to perform in-app payments.
For example, in 2009, Mastercard launched its PayPass/PayWave product line, which features two kinds of product lines: contactless (RFID) for usages with mobile devices as well as conventional magstripe for usages at POS terminals without wireless communication capacity.
This was the first time a payment card had two interfaces. Due to its ability to offer smooth connectivity across older technology platforms like smartphones and legacy systems, dual interface cards have indeed been widely utilized throughout sectors. Microcontroller chips as well as memory chips are the other two types of chips included in these cards. A memory chip is comparable to a tiny floppy disc with added protection.
Despite being less affordable than microcontrollers, memory chips have less security for data handling. Memory chip cards rely on the card reader's safety for processing which are the best option for circumstances requiring low or medium security. A microcontroller chip has the ability to modify its memory via adding, deleting, and other means. A microcontroller resembles a tiny computer since it has an operating system, hard drive, and input/output interface.
Smart cards with integrated microcontrollers have the special capacity to store a lot of data, perform on-card tasks (such asencryption and digital signatures), and communicate with smart card readers in a thoughtful way. A contactless transaction is one in which the point-of-sale (POS) terminal and the customer's payment device do not make direct physical touch. In close proximity to a terminal, the customer is holding a payment device (like a contactless or dual-interface chip card or mobile device), and payment account information is sent instantly through radio frequency (RF).
Market Growth Factors
Rising Demand For Biometric-Based Dual Interface Payment Card Among Banks
The number of scams is rising daily, and this is happening at the same time that bank customers are getting older. Payment cards with a dual-interface based on biometrics are becoming more popular as a solution to this issue. Banks are now implementing cutting-edge technologies to address security issues with important data. In order to make it more challenging for fraudsters to access bank accounts, banks are also utilizing fingerprint or iris monitoring as an authentication measure for current passwords. Customers can instantly access their bank details with these new cards.
Enhancements In The Longevity Of The Cards
The market for dual interface payment cards is growing faster due to increased card life. Better cards with decreased magnetic stripe performance are now being offered by service providers, helping to shield them against data loss. Among some of the best instances of these cards' innovation are contactless smart cards with Wi-Fi module transactions permitted. Customers tend to use their cards for a lengthier period of time because the cards get a longer lifespan before they expire.
Market Restraining Factors
Rise In The Security Concerns Among Individuals
In the event that a contactless card is lost or stolen, there is concern about unauthorized purchases because the transaction does not require a PIN to be authorized. It is often a smart option to inform the issuing bank about this situation. Several banks offer a 100% fraud guarantee, absolving customers of all liability as long as they utilize it responsibly. Devices for mobile contactless payments might not function abroad. Certain mobile wallets utilized for contactless payments are not accepted abroad, although similar technology. A separate overseas transaction fee can also apply.
Scope of the Study
Market Segments Covered in the Report:
By Type
- Plastic
- Metal
By End Use
- Retail
- Transportation
- Healthcare
- Hospitality
- Others
By Geography
Key Market Players
- Thales Group S.A.
- IDEMIA SAS (Advent International, Inc.)
- CPI Card Group (Parallel49 Equity)
- Giesecke & Devrient GmbH
- Watchdata Co., Ltd.
- Eastcompeace Technology Co., Ltd. (Potevio Group)
- Paragon Group Limited
- Valid S.A.
- Wuhan Tianyu Information Industry Co., Ltd.
Key Topics Covered:
Chapter 1. Market Scope & Methodology
Chapter 2. Market Overview
Chapter 3. Global Dual Interface Payment Card Market by Type
Chapter 4. Global Dual Interface Payment Card Market by End-use
Chapter 5. Global Dual Interface Payment Card Market by Region
Chapter 6. Company Profiles
For more information about this report visit https://www.researchandmarkets.com/r/juz2z1
