As innovations, whether digital or physical, revolutionise every area of daily life, the payment sector is no exception. In this exclusive survey, carried out between December 2023 and January 2024, users around the world were interviewed on how they pay and what their expectations are when it comes to payment methods.
Users’ payment preferences
User expectations centred around three priorities: design, convenience, sustainabilityDrawing from the feedback of more than three thousand respondents from 12 countries across six continents, three distinct consumer needs to stand out regarding users’ payment preferences:
- Design matters: with the increasing number of options, from metal to OLED cards among others, card design has become a key differentiator. Expectations and appetite for innovative card designs are ever-growing:
- 72% care about the design of their payment cards
- 83% are interested in having a metal card
- 84% are interested in having a numberless physical card as an added security feature
- Increased flexibility thanks to the combination of physical and digital cards made possible by mobile phones:
- 71% of respondents already utilise a digital payment card
- 68% of those without one express a desire to obtain a digital card in the next three years
- 86% value the option to activate their physical card by tapping it to their phone
- The shift towards more sustainability in payment:
- 69% of consumers would choose an eco-friendly card over a conventional one
- 71% of respondents are willing to participate in recycling programs for expired cards
Advancements of the digital realm
Understand usage to develop payment solutions that best meet consumers’ needs
IST remains steadfast in its commitment to offer innovative services tailored to individual needs
Attuned to the preferences of its consumers, IST remains steadfast in its commitment to offer innovative services tailored to individual needs, while embracing the rapid advancements of the digital realm. Through regular surveys, IST aims to gain an in-depth understanding of consumers’ payment preferences and habits, positioning itself as the payment market’s technological expert armed with unparalleled knowledge of consumer behaviour.
IDEMIA Secure Transactions confirms its leadership by proactively addressing the three priorities identified in the survey with tailored solutions.
Co-innovate new features and co-design
"As a trendsetter, we strive to be at the forefront of the evolutions in our industry and this survey testifies this ambition. Consumers have high expectations for their payment solutions and the way they use and manage their payment means. It is IST’s role to meet and exceed them, by offering ever more innovative solutions," Julia Schoonenberg, Executive Vice President of Payment Services at IDEMIA Secure Transactions.
FinTechs have disrupted the cost ecosystem, making open multiple banking options for clients
IST has continually innovated to offer a myriad of card design options. Over the past decade, banks and FinTechs have disrupted the payments ecosystem, making available multiple banking options for consumers. Simultaneously, as banks increasingly digitise their services, the physical card and its design become a crucial tool for all card issuers to maintain strong customer connections. From card materials such as metal to special inks, and innovative features such as illuminating cards, IST continues to co-innovate new features and co-design captivating artwork.
Physical and digital payment solutions
In the era, where instant gratification is the norm, the mobile phone plays a central role in daily lives. IST provides digital solutions to accompany banks and FinTechs in this essential transition. IST embraces the “best of both worlds” by offering both physical and digital payment solutions, with the highest level of security in terms of cryptography and tokenisation, for a comprehensive strategy that appeals to diverse audiences.
With regards to sustainability, IST supports card issuers in their ecological transition, by entirely reimagining the traditional payment products and attached services. IST encourages the use of innovative and eco-friendly materials and services through its GREENPAY offer, such as recycled PVC or the recently announced regenerative solution for bank customers GREENPAY Wallet. IST demonstrates its commitment to continuously improving the sustainability of each part of the payment card value chain.