Consumers Prioritise Security, Agility, And Convenience In A Rapidly Evolving Payment Landscape

As digital advancements continue to redefine our daily lives, the payment industry is evolving at a similar pace. Consumers across the globe, including in India, have heightened expectations for payment solutions, with a focus on security, agility, and convenience. Today’s consumers are seeking seamless and secure banking experiences, pushing both traditional banks and FinTechs to significantly transform, innovate and reshape the payments ecosystem over the past decade.

In today’s era, where instant gratification is the norm, the mobile phone plays a central role in our daily lives. Over the past few decades, the payments industry has undergone a dramatic transformation, shifting from paper-based transactions to plastic and metal cards, and now to mobile payments. Today, digital payments are widely adopted, and the industry continues to evolve with emerging technologies with the adoption of AI-powered practices in areas like digital payment cards, bringing additional benefits such as personalization, interactivity, and social engagement.

A recent survey by IDEMIA reveals that 71 per cent of global consumers and 83 per cent of Indian respondents are already using digital payment cards, with many showing strong interest in moving completely to mobile-based payment solutions within the next three years. The ease of instant card access is a major attraction in India, where 81 per cent of consumers prefer receiving digital versions of their cards directly on their phones. Digital cards are widely adopted, with 83 per cent of Indian users having at least one, and platforms like Google Play playing a key role, with 83 per cent accessing digital cards via the app and 72 per cent through banking apps. 

One of the primary advantages of the interest in the digital payment cards is the enhanced security they offer over traditional cards. The rise of digital payments in India also offers clear advantages for small and medium businesses, enabling faster, more secure transactions without additional costs or risks. Mobile phones, which are commonly used for payments, add an extra layer of security through biometric authentication, such as fingerprint verification, significantly reducing risk.

Also, security and convenience remain the primary drivers for adopting digital payment methods. The survey highlighted that 55 per cent of Indian respondents use their cards weekly, while 57 per cent of global consumers and 55 per cent of Indians prefer digital wallets for online transactions. The main reasons why Indian respondents use their payment cards on a digital wallet is the security (more secure than cash or physical payment cards) & the practical side (convenience & speed).  They also prefer to have a physical version of their payment card in addition to the digital format, to be able to withdraw money from an ATM (69 per cent) as well as to have a backup (48 per cent) or in case they run out of battery (47 per cent). 

Biometric fingerprint cards are also gaining traction, with 73 per cent of Indian users aware of 

them and 83 per cent willing to pay for the added security and convenience they offer.

For decades, the “take – make – waste” paradigm has ruled the global economy. However, it is now being challenged and gradually replaced by a “reduce – recycle– offset” model to reduce carbon footprint and preserve the planet. Sustainability is becoming an important factor for consumers, with 87 per cent of global consumers expecting their bank to offer cards made out of eco-friendly material.

As the world moves toward a more connected, fast-paced, and secure financial ecosystem, digital payment cards will continue to play a vital role in revolutionising the way we pay. With advancements in mobile technology, NFC, and biometric security payment networks, card issuers must stay ahead, ensuring top-tier security for every transaction, across all forms and channels. By offering diverse, secure, and user-friendly payment methods, businesses can not only enhance the customer experience but also foster greater loyalty.