Global Dual Interface Payment Card Market to Reach $17.9 Billion by 2028

The Global Dual Interface Payment Card Market size is expected to reach $17.9 billion by 2028, rising at a market growth of 16.8% CAGR during the forecast period.

A contactless payment card with both NFC and a magnetic stripe is known as a dual interface payment card. This enables the user to utilize their smartphone, watch, tablet,or other connected device to swipe or tap at point-of-sale terminals and to perform in-app payments.

For example, in 2009, Mastercard launched its PayPass/PayWave product line, which features two kinds of product lines: contactless (RFID) for usages with mobile devices as well as conventional magstripe for usages at POS terminals without wireless communication capacity.

This was the first time a payment card had two interfaces. Due to its ability to offer smooth connectivity across older technology platforms like smartphones and legacy systems, dual interface cards have indeed been widely utilized throughout sectors. Microcontroller chips as well as memory chips are the other two types of chips included in these cards. A memory chip is comparable to a tiny floppy disc with added protection.

Despite being less affordable than microcontrollers, memory chips have less security for data handling. Memory chip cards rely on the card reader's safety for processing which are the best option for circumstances requiring low or medium security. A microcontroller chip has the ability to modify its memory via adding, deleting, and other means. A microcontroller resembles a tiny computer since it has an operating system, hard drive, and input/output interface.

Smart cards with integrated microcontrollers have the special capacity to store a lot of data, perform on-card tasks (such asencryption and digital signatures), and communicate with smart card readers in a thoughtful way. A contactless transaction is one in which the point-of-sale (POS) terminal and the customer's payment device do not make direct physical touch. In close proximity to a terminal, the customer is holding a payment device (like a contactless or dual-interface chip card or mobile device), and payment account information is sent instantly through radio frequency (RF).