Dual Interface Payment Card Market Consumption Analysis, Business Overview and Upcoming Trends 2032

A dual-interface payment card is a kind of smart card that communicates with a point-of-sale (POS) terminal or other payment acceptance device using two different communication interfaces. This kind of payment card supports both contact and contactless transactions, which speeds up processing and enhances consumer convenience. Due to the encryption and protection of the cardholder's information from unauthorised access, dual interface payment cards offer a convenient and secure method of making purchases. They allow the cardholder to make payments quickly and securely without having to enter their PIN or sign any paperwork because they are accepted in more places than typical contact-only cards.

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The increased consumer demand for quicker and more convenient payment solutions, the quick uptake of e-commerce platforms, and the rising popularity of contactless payments in the wake of the COVID-19 pandemic are expected to drive the growth of the global dual interface payment card market, which is anticipated to reach an estimated value of USD 23.66 billion by 2030. The dual-interface payment card market is anticipated to expand at a remarkable rate shortly as a result of the increased consumer demand for convenience and quicker payments.

Classified according to the type, the market for dual-interface payment cards is divided into plastic and metal segments. Due to their low cost, durability, and lightweight, plastic cards are the most popular type of payment card among these and are anticipated to maintain their dominance during the projection period. Due to its many advantages, including contactless payments, enhanced security measures, and the capacity to store several payment methods on one card, plastic cards are becoming more and more popular. Additionally, the market for dual-interface payment cards is anticipated to rise as a result of technological developments like near-field communication (NFC).

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The dual interface payment card market is segmented based on end-users into financial, government, transportation, and other sectors. Given that financial institutions employ these cards to increase client loyalty, the banking sector is anticipated to dominate the dual interface payment card market. Plastic cards have many benefits, including ease of use, increased security, and a variety of payment alternatives, which have made them the preferred method of payment for customers all over the world. Furthermore, the dual-interface payment card market is anticipated to increase exponentially shortly due to the rising use of contactless cards and the acceptance of mobile payments.

Due to its well-established payments infrastructure, its customers' strong acceptance of card-based payments, and the presence of several top vendors like Mastercard, Visa, American Express, and JCB, Europe is predicted to continue to hold a significant share of the dual interface payment card market. These nations also frequently roll out programmes like Cashback and reward points to entice consumers to use plastic cards for routine purchases, which is driving up demand for dual-interface payment cards.

Mastercard introduced its "One Tap" technology in March 2022, allowing users to complete purchases with just one tap of their dual interface payment cards. Similar to this, in May 2021, Visa introduced the "Visa Wave," a contactless payment card featuring dual interface technology that enables users to pay with a single wave. Apple Pay, a mobile payment platform that allowed users to make purchases using their dual interface payment cards, as well as their iPhones and Apple Watches, was introduced in June 2022.

Google Pay, a mobile payment platform that enables users to make purchases utilising dual interface payment cards and Android devices, was made available to the public in August 2022. All of these payment systems-One Mastercard's Tap, Visa Wave, Apple Pay, and Google Pay-have revolutionised the payments sector and made it easier for users to make rapid and safe payments.

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