Most respondents (56%) preferred a physical payment card for in-person purchases versus a digital wallet or cash, underscoring consumer desire for physical cards while highlighting the branding opportunities for financial organisations. Millennial consumers were influenced by a payment card’s form factor, as 61% stated they have a greater inclination to leave their bank for one that offers a metal card.
Consumers in many affluent and technology-forward countries preferred physical cards by an overwhelming majority versus digital wallets: US (only 10% preferred digital wallets), France (only 7% preferred digital wallets), Canada (only 18% preferred digital wallets), Poland (only 10% preferred digital wallets), Italy (only 10% preferred digital wallets), and UK (only 11% preferred digital wallets).
The survey found that metal payment cards are one of the best tools for financial institutions to increase brand loyalty, attract new customers and establish positive brand interactions. Most consumers (70%) would select an offer that includes a metal payment card if all rewards and benefits were equal, which is up 4% from a prior Edgar, Dunn survey completed in 2019. This includes two-thirds (64%) of US consumers, an 8% increase from 2019, and was higher in India (91%), Mexico (88%), Brazil (88%), Turkey (82%), China (82%), and Indonesia (82%).
The survey also points to metal cards as an important decision-making trigger for the consumer’s choice of financial institution in conjunction with a strong loyalty and rewards programme. Key survey findings show that when financial institutions offer metal cards they increase customer retention, brand loyalty, and may decrease the age demographic and onboard more wealthy clients. Furthermore, awareness of metal cards grew 7% since the previous survey and companies can better target wealthy clients.
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