As innovations, whether digital or physical, revolutionise every area of our daily lives, the payment sector is no exception. In this exclusive survey, carried out by IDEMIA Secure Transactions 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.
Both globally and in India, users prioritise design, convenience, and sustainability in their payment preferences. Globally, 72 per cent users care about card design, with 83 per cent interested in metal cards and 84 per cent favouring numberless physical cards for security. In India, 95 per cent are interested in metal cards, valued for their elegant design (75 per cent) and distinction (55 per cent). Digital payment cards are widely used, with 71 per cent of global respondents and 83 per cent of Indian respondents already utilising them. In both cases, there is a strong preference for digital cards on mobile phones, with 87 per cent of Indians interested in adopting them within three years.
Security and convenience are key motivators, cited by 68 per cent globally and 68 per cent of Indians. Payment habits show 57 per cent of global users and 55 per cent of Indian users prefer digital wallets, with a significant portion using physical cards weekly. In India, there is high awareness (73 per cent) and willingness to pay (83 per cent) for biometric cards, valued for security (77 per cent) and convenience (55 per cent). Sustainability is important globally, with 69 per cent preferring eco-friendly cards and 71 per cent willing to recycle expired cards. Similarly, 75 per cent of Indians prefer eco-friendly cards, with 70 per cent willing to switch banks for them. Additionally, 72 per cent of Indians are aware of metal cards, with 95 per cent expressing interest.
Key India findings:
1. Strong Preference for Digital Payment Cards:
81 per cent of respondents prefer to receive their payment card immediately, specifically as a digital version on their phones.
83 per cent of respondents already have one or more digital payment cards
83 per cent access digital cards via Google Pay; 72 per cent use the banking app on Android.
87 per cent expressed interest in adopting them within the next three years
2. Security and Convenience as Primary Motivators:
Enhanced security (68 per cent) and convenience (68 per cent) are primary reasons for using digital cards.
55 per cent appreciate quicker checkout; 55 per cent enjoy new technologies.
3. Payment Preferences:
Online, 57 per cent prefer digital wallets and 25 per cent use physical cards, with 55 per cent using their card weekly
When paying online, 55 per cent pay with their physical cards at least one time per week.
38 per cent of respondents use their physical payment a few times per month to pay online.
4. High Awareness and Demand for Biometric Fingerprint Cards:
73 per cent are aware of biometric cards
77 per cent value security; 55 per cent value convenience. 83 per cent are willing to pay for biometric cards.
5. Eco-Friendly and Metal Cards Garner Interest:
75 per cent prefer eco-friendly cards; 70 per cent would switch banks for them
72 per cent aware of metal cards; 95 per cent interested in metal cards
Preferred for elegant design (75 per cent) and feeling of distinction (55 per cent).
“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.” says Julia SCHOONENBERG, Executive Vice President Payment Services at IDEMIA Secure Transactions.
IDEMIA Secure Transactions (IST) remains committed to offering innovative, consumer-centric services that align with the rapid advancements in digital payments. By conducting regular surveys, IST gains deep insights into payment preferences and habits, solidifying its position as a technological expert in the payment market. IST reinforces its leadership by addressing key priorities with tailored solutions. As banks and FinTechs increasingly digitise, IST provides a seamless blend of physical and digital payment solutions, ensuring top-notch security through cryptography and tokenization to meet the evolving needs of consumers in an era of instant gratification.
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 improve the sustainability of each part of the payment card value chain.
About IDEMIA Group
IDEMIA Group unlocks simpler and safer ways to pay, connect, access, identify, travel and protect public places. With its long-standing expertise in biometrics and cryptography, IDEMIA develops technologies of excellence with an impactful, ethical, and socially responsible approach. Every day, IDEMIA secures billions of interactions in the physical and digital worlds.
IDEMIA Group brings together three market-leading businesses that enable mission-critical solutions:
IDEMIA Secure Transactions is the leading technology provider who unlocks safer and easier ways to pay and connect.
IDEMIA Public Security is a leading global provider of biometric solutions that unlock convenient and secure travel, access, and protection.
IDEMIA Smart Identity leverages the power of cryptographic and biometric technologies to unlock a single trusted identity for all.
With a global team of nearly 15,000 employees, IDEMIA Group is trusted by over 600 governmental organisations and more than 2,400 enterprises in over 180 countries. For more information, visit www.idemia.com and follow @IDEMIAGroup on X.
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