Blockchain Press Releases
Dual Interface Payment Card Market to Reach $37.9 Billion by 2032 at 17.4% CAGR
The global dual interface payment card industry is driven by the increase in demand for contactless payments, the rise in adoption of internet banking, and the growth in adoption of various strategies by government authorities and businesses.
PORTLAND, Ore., July 17, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Dual Interface Payment Card Market by Type (Plastic and Metal) and End User (Retail & E-commerce, Transportation Healthcare, Hospitality & Tourism, and Others): Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the dual interface payment card industry generated $7.8 billion in 2022, and is anticipated to generate $37.9 billion by 2032, witnessing a CAGR of 17.4% from 2023 to 2032.
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Prime Determinants of Growth:
The global dual interface payment card market is driven by the increase in demand for contactless payments, the rise in adoption of internet banking, and the growth in adoption of various strategies by government authorities and businesses. However, high initial costs and expenses and a lack of consumer knowledge and awareness restrict market growth. Furthermore, the surge in the integration of advanced technologies offers a strong opportunity for the dual interface payment card industry. In addition, the growing utilization of NFC infrastructure is also expected to provide lucrative opportunities for market growth during the forecast period.
Report Coverage & Details:
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Report Coverage |
Details |
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Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size in 2022 |
$7.8 Billion |
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Market Size in 2032 |
$37.9 Billion |
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CAGR |
17.4 % |
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No. of Pages in Report |
214 |
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Segments covered |
Type, End User, and Region |
|
Drivers |
The increase in demand for contactless payments |
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Rise in adoption of internet banking |
|
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Growth in adoption of various strategies by government authorities and businesses |
|
|
Opportunities |
Surge in the integration of advanced technologies |
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The growing utilization of NFC infrastructure |
|
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Restraints |
High initial cost and expenses consideration |
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Lack of consumer knowledge and awareness |
COVID-19 Scenario:
- The COVID-19 pandemic had a significant impact on the global dual interface payment card industry, as the pandemic forced individuals or different organizations to adopt the work-from-home mode. It further caused a global decline in demand for traditional bank operations due to lockdown measures and transport restrictions imposed by national authorities.
- In addition, the industry is shifting towards remote work and virtual events. Dual interface payment cards play a crucial role in enabling online payments, allowing individuals to discover online transaction options with the contactless option. Moreover, dual interface payment cards can help consumers with the digital transformation of banking operations. This has increased the growth of the market.
The plastic segment to maintain its leadership status throughout the forecast period-
Based on type, the plastic segment held the highest market share in 2022, accounting for nearly three-fourths of the global dual interface payment card market revenue, and is estimated to maintain its leadership status throughout the forecast period. Several businesses started to provide eco-friendly plastic cards produced from recycled plastic, from BFSI to manufacturing and healthcare. However, the metal segment would display the highest CAGR of 20.7% from 2023 to 2032. Metal-based cards play a vital role in the dual interface payment card market, and due to their endurance compared to plastic-based cards, metal cards are becoming more popular.
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The retail segment to maintain its lead position during the forecast period-
Based on end user, the retail segment accounted for the largest share in 2022, contributing to more than two-fifths of the global dual interface payment card market revenue, and is expected to maintain its lead position during the forecast period. Outdoor dual interface payment card solutions offer a wide range of benefits for the retail industry, including a contactless payment option. These solutions provide detailed and up-to-date payment solutions that help users in the retail sector. However, the hospitality and tourism segment would portray the fastest CAGR of 23.3% from 2023 to 2032. The increased international travel and growing demand for mobile payment options in these sectors are expected to contribute to market growth.
North America region to maintain its dominance by 2032-
Based on region, the North America segment held the highest market share in terms of revenue in 2022, accounting for more than one-third of the global dual interface payment card market revenue. due to the increase in investment in advanced technologies such as cloud-based services, AI, ML, and IoT to improve banking and finance businesses and the customer experience. Thus, it is anticipated to propel the growth of the market. On the other hand, the Asia-Pacific region is expected to maintain its dominance throughout the forecast period. The same region is expected to witness the fastest CAGR of 19.1% from 2023 to 2032, owing to an increase in penetration of digitalization and higher adoption of advanced technology.
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Leading Market Players: –
- Thales Group
- CPI Card Group Inc.
- Eastcompeace Technology Co., Ltd.
- Giesecke+Devrient GmbH
- Goldpac
- IDEMIA
- Infineon Technologies AG
- Paragon Group Limite
- Watchdata Co., Ltd.
- Wuhan Tianyu Information Industry Co., Ltd.
The report provides a detailed analysis of these key players in the global dual interface payment card market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant positions in different countries. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario.
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A Finiko executive has been sentenced to three years in prison by a Russian court for her involvement in what is described as the largest crypto scam in the post-Soviet era.
According to Izvestia, Liliya Nurieva, the former head of networks at Finiko, received a four and a half year sentence from a court in Vakhitovsky, Kazan on May 17. However, the court stated that it would take into account the time she had already spent in pre-trial detention as “time served.”
Despite prosecutors’ requests for a six and a half year sentence, the judge rejected them. Nurieva, who had faced a possible 10-year imprisonment, reached a “pre-trial agreement” with prosecutors.
Nurieva’s defense attorney announced her intention to appeal the verdict. She was convicted of fraud and organized crime-related charges.
Finiko, initially presented as a crypto “investment fund” in 2018, allegedly defrauded citizens of around $1.1 billion, according to the country’s Central Bank. Much of this sum remains unrecovered.
The unraveling of the project began in 2021, leading to the flight of many Finiko figures abroad. After an international manhunt, Interpol detained co-founder Edvard Sabirov in the UAE in late 2022, while co-founder Kirill Doronin was arrested in mid-2021.
However, Nurieva is the first Finiko executive to be convicted and sentenced.
Finiko promised investors an “automated profit-generating system” with returns of “up to 30%” on investments of $1,000 or more. It also offered various lending and financial services with lucrative terms.
The company allegedly employed Ponzi scheme tactics, using funds from new investors to pay off older ones. By mid-2021, its platforms became unstable, with customers reporting delayed payments. In June of that year, payments ceased entirely, the value of its cryptocurrency plummeted, and Finiko offices nationwide abruptly closed.
During its peak, Finiko enjoyed popularity on social media, and initial estimates suggested nearly 10,000 individuals invested in its platforms.
Nurieva’s defense argued that she was unaware of Finiko’s fraudulent nature upon joining and had invested her own money in the company. It wasn’t until later interactions with senior executives that she realized the scheme’s illegitimacy.
Some Finiko investors attended the trial, with one, Lyudmila Yamshchikova from Kazan, expressing disappointment over halted payments, which she had relied on for mortgage payments and other financial obligations.
Source: cryptonews.com
The post Russian Court Jails Finiko Crypto Scam Exec for Three Years appeared first on HIPTHER Alerts.
Hong Kong’s launch of its first Bitcoin and Ether ETFs in late April aimed to capture part of the $55 billion US market. However, the ETFs have experienced investor outflows, perplexing analysts. Experts attribute this to concerns over China’s strict crypto stance and high management fees compared to US products.
Despite initial setbacks, some analysts remain optimistic. Bloomberg’s Rebecca Sin notes that total assets under management (AUM) exceed $250 million, indicating potential growth to $1 billion within two years. Hong Kong’s crypto journey is still unfolding, facing challenges from regulatory uncertainties and regional competitors like Singapore and Dubai.
On the Flipside
High Management Fees: Hong Kong’s ETFs have higher fees than similar US products, potentially deterring investors.
Regulatory Uncertainty: The evolving regulatory landscape in Hong Kong may create hesitancy among investors.
Institutional Adoption: Established financial institutions in Hong Kong may be slow to embrace crypto, limiting market growth.
Source: dailycoin.com
The post Hong Kong’s Crypto Ambitions Hit Snag: Can ETFs Steer the Ship? appeared first on HIPTHER Alerts.
In a bid to offer its users more opportunities in the Decentralized Finance (DeFi) space, Binance Web3 Wallet has introduced two new ways to earn: ‘Yield Plus’ and ‘Simple Yield’. These new features will be accessible right within the Binance Web3 Wallet Earn section.
About Yield Plus Zone
The Yield Plus Zone is a unique feature designed to showcase projects with potential airdrops or additional yield opportunities. This feature will give users easy access to projects that offer multiple levels of rewards. The initial projects that will be included are Eigenpie, Kamino Finance, Lista Dao, Marinade, Ondo Finance, Renzo, StakeStone, and SolBlaze. Binance Web3 Wallet plans to announce exclusive campaigns in future updates through the Binance Web3 X account.
About Simple Yield Zone
The Simple Yield Zone allows users to earn an Annual Percentage Rate (APR) with stablecoins and other tokens by providing liquidity to lending protocols. When providing liquidity, users may receive both the Supply APR and Distribution APR, depending on the protocol chosen.
More on Binance Web3 Wallet
Developed with a commitment to innovation, security, and seamless user experience, the Binance Web3 Wallet is a secure, self-custodial crypto wallet integrated within the Binance App. It serves as a bridge between the Exchange and Web3, enabling users to interact with multiple blockchains, trade thousands of tokens, earn yield, and explore a selection of the best decentralized applications (dApps) all in one wallet.
Source: blockchain.news
The post Binance Web3 Wallet Introduces Yield Plus and Simple Yield appeared first on HIPTHER Alerts.
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