Asia Pacific 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 Country and Growth Forecast, 2022 - 2028
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Market Report Description
The Asia Pacific Dual Interface Payment Card Market would witness market growth of 17.3% CAGR during the forecast period (2022-2028).
The ability to use the cards for performing contact or contactless payments gives customers options when using the dual interface payment cards. Due to this, customers all around the world are starting to favour dual interface payment cards. Consumers also choose dual interface cards since payments are processed quickly and there are fewer lines at the register. Additionally, these cards provide advantages including longer card lifespan and fraud protection due to the use of the more dependable and safe tap-to-pay technology.
There is an increase in the desire for contactless payments among consumers and enterprises. Moreover, the market for dual interface payment cards is anticipated to develop as a result of the growing partnerships to introduce contactless credit cards particularly created for small businesses. For example, Verizon announced its collaboration with MasterCard and FNBO in June 2022. The introduction of small-scale business credit cards was the goal of this alliance. With these recently introduced cards, small businesses might use Verizon Business Dollars toward equipment or workplace clothes.
With strong expansion in the consumer electronics sector and rising demand for loyalty cards, East Asia is regarded as the most promising region in the dual interface smart card market. Regarding the growth of dual interface smart card as well as semiconductor industries with regard to data privacy and encryption technologies, regional trends and regulatory rules are crucial. Several opportunities are being created in the region as a result of favourable regulatory compliances and persistent demand from the telecoms, e-Commerce, BFSI, and retail marketing industries for smart cards in rising nations like China and India.
The China market dominated the Asia Pacific Dual Interface Payment Card Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $1,558 million by 2028. The Japan market is estimated to grow a CAGR of 16.6% during (2022 - 2028). Additionally, The India market would experience a CAGR of 18% during (2022 - 2028).
Based on Type, the market is segmented into Plastic and Metal. Based on End Use, the market is segmented into Retail, Transportation, Healthcare, Hospitality, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include 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., and Wuhan Tianyu Information Industry Co., Ltd.
Scope of the Study
Market Segments Covered in the Report:
By End Use
- South Korea
- Rest of Asia Pacific
Key Market Players
List of Companies Profiled in the Report:
- 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.
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