Paradigm shift to the cloud and increasing offerings from cloud providers to magnify growth in the global Dual Interface Payment Card Market
Covid-19 Impact & Market Status
The report offers an exhaustive overview of the business dynamics and new investment strategies that are being adopted by business leaders across countries and regions to overcome the acute challenges and financial instabilities that have emerged in the post pandemic times.
The report highlights some of the best industry strategies and practices that are adopted by the players across local and global markets. Ever since the Covid-19 broke out in 2019, it has spread aggressively, resulting in rapid declaration by the WHO affirming Covid-19 as a global pandemic and an emergency.
The impact of the pandemic is widespread and the aftermath is well pronounced, gravely affecting the global dual interface payment card market. The sudden pandemic and its implications have posed significant challenges such as travel bans, quarantines, and lockdowns.
These developments are hampering operations resulting in supply chain breaches, stock market inefficiencies, and vendor chaos. These are constantly interfering with the normal functioning of industries.
Ever since the outbreak of the global crisis, impact on upstream, downstream, and midstream industries have been appalling. The report delivers a quick ready-to-deploy approach to counter such crisis and steer the global dual interface payment card market towards steady growth and systematic progression.
Amidst the pandemic, aligning with new dynamics, global dual interface payment card market has been witnessing new dynamics which are further necessitating new business models and approaches to recoup growth and revenue streams.
In this report, inquisitive business players would be provided with sufficient guidelines regarding business transformation, integral to sustain stiffening competition in the pandemic and beyond pandemic era global dual interface payment card market.
Transportation Service Segment to be the Most Lucrative
Based on Application, the market is bifurcated into Finance, Transportation, Government and Others. The transportation segment endures the largest market portion during the forecast years. The factors that can be attributed to the growing investment in railway infrastructure development projects with investor-friendly policies are fueling the demand for this segment.
APAC to Sweep the Largest Revenue Streams Followed by North America
Asia Pacific market is estimated to show a significant growth in the market. China has been one of the pioneers in phasing out checks and introducing the contactless payments, leading to introduction of digital cards. The country has deployed smart cards in various sectors, including transportation sector.
Further, several Chinese banks are developing digital yuan hard wallets, and the People’s Bank of China confirmed that consumers would be able to store digital currency on both physical and digital wallets. The People’s Bank of China (PBOC) has expanded its central bank digital currency (CBDC) pilot to include a contactless ‘hard wallet’ and NFC wearables that enable consumers to make in-store and transit fare payments with their digital yuan.
Inclination of organizations toward cloud-based deployments to overcome on-premises limitations and increasing awareness levels to offer new opportunities in the global Dual Interface Payment Card market
Shift from legacy networks to Long Term Evolution (LTE) networks has resulted in increasing data usage across the globe. The amount of data that is produced in a day is 2.5 quintillion bytes, which is higher than the last three decades. Emergence of big data and its applications such as business intelligence and search pattern reorganization has enabled demand for QoS in the telecom market.
The global dual interface payment card market is expected to witness significant growth over the forecast period. The market growth can be attributed to benefits such as improved card longevity and fast transaction processing offered by these cards. A dual interface payment card consists of an embedded chip that allows card owners to conduct contactless as well as contact transactions.
Despite a minor growth dip owing to Covid-19 implications, the global dual interface payment card market is expected to witness significant growth over the forecast period.
Further, the growing demand among banks for biometric-based dual interface payment cards are expected to ravel new growth opportunities in the global dual interface payment card market during the forecast period.
In present times, cloud professional service is steadily replacing the traditional method as It offers flexibility, reduces cost, increases productivity and reduces risk as opposed to the earlier used methods. Other factor such as recent developments in cloud providers are adding new services frequently that can help companies sustain in a highly competitive market, thus fostering growth in the global cloud professional service market.
Forward-looking players in the global dual interface payment card market are furthering investments towards developing advanced dual interface payment card.
Retailers worldwide are rapidly adopting tap-to-go card payments, which has resulted in an increased demand for dual interface payment cards. For instance, in August 2020, SpartanNash, a grocery store company, announced the deployment of contact-free payment options at checkout in 155 of its company-operated supermarkets. The contactless payment options include mobile pay, contactless card payment, and Fitbit payment.
The major players of the global dual interface payment card market are Thales Group; IDEMIA; VALID; Giesecke+Devrient GmbH; Eastcompeace Technology Co., Ltd.; DATANG; Gemalto, Giesecke & Devrient Watchdata and Paragon Group Limited.
The dual interface payment card market is a rapidly progressing industry and is characterized to have industrial frontliners as well as aspiring new players aiming to penetrate into the aggressive competitive landscape across global and local markets. Additionally, various new and aspiring players are improving their product lines and upgrading technological capabilities to improve revenue streams amidst Covid-19 impact.
Latest Innovations in the Global Dual Interface Payment Card Market: a Snapshot
- In January 2021, IDEMIA signed a four-year agreement with Jyske Bank, the second-largest Danish-owned bank, to introduce the first recycled plastic payment card in Denmark.
- In June 2020, The Macao government issued contactless prepaid payment cards pre-loaded with credit to mitigate the economic impact of the COVID-19 pandemic and provide financial support to its citizens. The cards were produced by G+D Mobile Security.
- In June 2020, CPI and Visa Inc. launched the Earthwise High Content Card, which is made with up to 98% upcycled plastic. Through an exclusive agreement, the companies will initially provide all Visa-issuing financial institutions worldwide access to the Earthwise High Content Card, which is EMV-compliant and dual interface capable, enabling both contact and contactless payments.
- In January 2020, Confidex, a leading designer and supplier of short-range wireless identification solutions, entered into a partnership with Thales to develop a flexible smart media for Calypso-based systems. Confidex used Gemalto’s software solutions to create a new category of microprocessor-based smart media. These products include durable contactless paper cards embedded with a PET layer that reinforces the structure of the card. This makes the product resistant to harsh environments associated with transportation applications.
Dual Interface Payment Card Market Scope
|Forecast Unit||Value (USD)|
|Segment Covered||Type, Vertical, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||Thales Group; IDEMIA; VALID; Giesecke+Devrient GmbH; Eastcompeace Technology Co., Ltd.; DATANG; Gemalto, Giesecke & Devrient Watchdata and Paragon Group Limited.|
Key Segments of the Global Dual Interface Payment Card Market
Type Overview, 2018-2028 (USD Billion)
Vertical Overview, 2018-2028 (USD Billion)
Regional Overview, 2018-2028 (USD Billion)
- Rest of Europe
- Rest of APAC
- Rest of South America
Middle East and South Africa
- Saudi Arab
- South Africa
- Rest of MEA