Dual Interface Payment Card Market Analysis And Forecast To 2032: By Type (Plastic, Metal), By Application (Retail, Healthcare, Hospitality, Transportation, Others), and By Region

Dual Interface Payment Card Market Analysis And Forecast To 2032: By Type (Plastic, Metal), By Application (Retail, Healthcare, Hospitality, Transportation, Others), and By Region

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.
Global Dual Interface Payment Card Market Scope and Report Structure
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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.
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.
Geographical Analysis of Global Dual Interface Payment Card Market
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. In 2022, North America held the dominant revenue share in 2022. This dominance is attributable to the presence of several prominent players such as MasterCard, and American Express among others. Moreover, the market players across North America are involved in launching dual-interface cards for enabling users to utilize credit and debit cards with contactless payment technology. For instance, in October 2021, TruCash, a Canada-based payment card provider, introduced a dual interface contactless prepaid Visa card to enable customers to process contactless payments.

Asia Pacific is expected to grow at the highest CAGR over the forecast period. The growth of the regional market can be attributed to the increasing adoption of tap-to-pay methods across the region. For instance, according to a Mastercard study published in 2020, the tap-and-go card payments across pharmacies and grocery stores in Asia Pacific raised by 2.5 times faster than non-contactless transactions. Moreover, the increasing partnerships between the market players to launch new dual interface cards for payments are also propelling the growth of the industry.
Major Players in the Global Dual Interface Payment Card Market
The key players in the market are Thales Group, IDEMIA, VALID, Giesecke+Devrient GmbH, Eastcompeace Technology Co., Ltd., DATANG, Paragon Group Limited, CPI Card Group Inc., Watchdata Co., Ltd., and Wuhan Tianyu. among others.
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.
Recent Developments

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.
In February 2022, Swedish banking firm Rocker joined forces with the IDEMIA and IDEX. This collaboration was aimed at introducing Rocker Touch, a payment card leveraging biometric technology.
In October 2021, TruCash, a Canada-based payment card provider, introduced a dual interface contactless prepaid Visa card to enable customers to process contactless payments.
In December 2020, PayTM and SBI Card selected dzcard, a south Asian smart card manufacturer to deliver the dual interface credit card. These cards will allow customers to process contactless payments and gain cashbacks through the Paytm application.
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.
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.
In February 2020, IDEX Biometrics ASA, a smart card manufacturing company, introduced TrustedBio, a solution built for reducing biometric smartcard costs. Such cost reduction is aimed at accelerating the adoption of smart dual interface cards.

Frequently Asked Questions
Q1. How big is the Knowledge Process Outsourcing Market?

Ans. 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 231.4, at a CAGR of 16.9% during the forecast period.

Q2. What is the Dual Interface Payment Card Market growth rate?

Ans. The growth rate of the Dual Interface Payment Card Market is 16.9%

Q3. Which region holds a major market share for the market?

Ans. North America holds a major market share of the Dual Interface Payment Card Market in 2022.

Q4. Which segment accounted for the largest Dual Interface Payment Card Market share?

Ans. By end-user, the retail segment accounted for the largest Dual Interface Payment Card Market share.

Q5. Who are the key players in the Knowledge Process Outsourcing Market?

Ans. The global Dual Interface Payment Card Market report includes players such as  Thales Group, IDEMIA, VALID, Giesecke+Devrient GmbH, Eastcompeace Technology Co., Ltd., DATANG, Paragon Group Limited, CPI Card Group Inc., Watchdata Co., Ltd., and Wuhan Tianyu. among others.

Q6. What are the factors driving the Dual Interface Payment Card Market growth?

Ans. The major factors driving the growth of the market are The continuous advancements made in payment card chips by technology companies enable dual interface payment card manufacturing businesses to improve their product offerings.

Q7. What are the key growth strategies of Dual Interface Payment Card Market players?

Ans. The key growth strategies of Dual Interface Payment Card Market players are product launch and product approval.

Q8. Which region will provide more business opportunities for the Dual Interface Payment Card Market during the forecast period?

Ans. The Asia-Pacific region will provide more business opportunities for the Dual Interface Payment Card Market during the forecast period.

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