Advanced Payment Cards Industry | Forecast 2030
Advanced Payment Cards Industry Data Book – Virtual Cards, Dual Interface Payment Card and Biometric Payment Cards Market
Grand View Research’s advanced payment cards sector database is a collection of market sizing information & forecasts, regulatory data, reimbursement structure, competitive benchmarking analyses, macro-environmental analyses, and regulatory & technological framework studies. Within the purview of the database, all such information is systematically analyzed and provided in the form of presentations and detailed outlook reports on individual areas of research.
Access the Global Advanced Payment Cards Industry Data Book, 2023 to 2030, compiled with details like market sizing information & forecasts, trade data, pricing intelligence, competitive benchmarking, macro-environmental analyses, and regulatory & technological framework studies
Advanced Payment Cards Industry Data Book Coverage Snapshot
- Advanced Payment Cards Industry USD 20.50 billion in 2022 20.4% CAGR (2023-2030)
- Virtual Cards Market Size USD 13.31 billion in 2022 20.9% CAGR (2023-2030)
- Dual Interface Payment Card Market Size USD 7.10 billion in 2022 16.7% CAGR (2023-2030)
- Biometric Payment Cards Market Size USD 0.09 billion in 2022 68.3% CAGR (2023-2030)
Virtual Cards Market Growth & Trends
The global virtual cards market size is expected to reach USD 60.06 billion by 2030, expanding at a CAGR of 20.9% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc. The increasing usage of digital payment platforms is creating the demand for virtual cards worldwide, which is anticipated to drive the growth of the market. In addition, various types of virtual cards offer the consumer a particular set of benefits, such as efficiency and convenience, which also bodes well for the growth of the market.
Virtual cards are changing the financial landscape by introducing a new level of protection for everyone involved in the payment transaction. Hospitality is one industry that has endorsed the use of virtual cards. Moreover, virtual cards are creating the possibility of making payments more dynamic during the check-in and check-out process for the consumers.
The investments being raised by virtual card solution providers are expected to create new possibilities for the growth of the market during the projected period. For instance, in May 2022, MasterCard and fintech company OPay announced their collaboration, paving the way for access to financial services and economic prosperity by bringing digital commerce to thousands of people in the Middle East and Africa. With this collaboration, OPay consumers and merchants in this region will be able to engage with brands and businesses anywhere in the world.
Order your copy of the Free Sample of “Advanced Payment Cards Industry Data Book – Virtual Cards, Dual Interface Payment Card and Biometric Payment Cards Market Size, Share, Trends Analysis, And Segment Forecasts, 2023 – 2030” Data Book, published by Grand View Research
Dual Interface Payment Card Market Growth & Trends
The global dual interface payment card market size is expected to reach USD 23.66 billion by 2030, growing at a CAGR of 16.2% from 2022 to 2030, according to a new study conducted by Grand View Research, Inc. The market is anticipated to witness growth due to the increasing usage of payment cards across the globe. For instance, in June 2021, according to the Smart Payment Association (SPA), payment cards consist of 40-60% of total online payments made, either directly or indirectly. At the same time, the strong emphasis of payment service providers on offering enhanced payment solutions to their customers is expected to propel growth.
Increasing strategic collaborations between banks, hybrid smart cards, and dual interface card manufacturing companies to provide better service and upgrade customer experience is expected to drive the market growth during the forecast period. For instance, in December 2020, Kasikornbank extended its partnership with dzcard, a smart card manufacturer. This partnership was aimed at launching a contactless debit card along with a credit line by leveraging dzcard’s dual interface EMV debit card.
The increasing investments by venture capital into the companies offering dual interface cards for payment is anticipated to create new opportunities for the growth of the market during the forecast period. For instance, in April 2022, Financepeer, an Edu-fintech company, raised USD 31 million through a Series B funding round. The funds were utilized to enhance its technology platform and expand its offerings. Later, in June 2022, Financepeer launched a UVA card powered by Visa. This UVA card or a dual-interface card was designed for students to make day-to-day transactions easier. Such initiatives are expected to propel the growth of the industry.