Dual interface smart cards are widespread in many industries, including telecommunications, BFSI, retail marketing, and many more. Dual interface smart cards are becoming increasingly popular as the semiconductor industry continues to develop and innovate. Wi-Fi enabled smart cards that support contactless transactions are among the best examples of card innovation. Additionally, the recent focus on digital transactions has generated multiple growth opportunities for the dual interface smart card market.
The Rise in Market Trends
As of 2020, the Dual Interface Smart Cards market was valued at USD 2374.4 million. It is forecast to reach USD 6271.1 million by the end of 2027, with a CAGR of 14.9%. Due to various gifts and opportunities available, increasing focus on digital transactions has generated multiple growth prospects for the global market. Owing to the growing popularity of concepts like smart cities, asset biotechnology, smart grids, connected cars, and smart stadiums, the implementation of the Internet of Things (IoT) and the launch of NGNs (Next Generation Networks) will facilitate the market expansion. In addition, smart cards with dual interfaces will experience a boost in market size due to the growing demand for smartphones.
Global Market Segmentation for Dual Interface Smart Cards:
Colorplast ASTRA DI CARD - Dual Interface Card
It is expected that the global dual interface payment cards market will grow significantly during the forecast period. These cards’ growth can be attributed to the increased longevity of their cards and the speed with which they process transactions.
A dual interface payment card can facilitate contactless payments through near-field communication technology and radio frequency identification. Traditionally, payment cards use magnetic strips to conduct payments. Market growth is mainly driven by banks’ rising demand for biometric-based dual interface payment cards. Customers benefit from enhanced customer experiences and improved risk management with these cards. As a result, biometric payment card providers have been investing in new products to meet banks’ needs for biometric payment cards.
As a result of the Covid-19 impact, diverse new and aspiring players are improving their product lines and upgrading their technological capabilities. As a result, markets for dual interface payment cards are generally well-positioned to achieve rapid growth. The industry is characterized by existing industry leaders and aspiring new players looking to penetrate globally and locally competitive markets.
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