Following this announcement, the IDEMIA Secure Transactions (IST) global study uncovered that design, convenience, and sustainability are currently the primary catalysts that are driving customer payment trends. The survey was conducted by the renowned research agency Dentsu Insights, and it also showed that security still remains a concern, and clients are looking for safer methods of payments and transactions.
The study took place between December 2023 and January 2024, focusing on the process of interviewing users and clients on how they pay and what their overall expectations are when it comes to payment methods.
According to the official press release, the survey took the feedback of more than three thousand respondents from 12 countries, across 6 continents, and it showed three distinct client needs that stand out regarding their payment preferences.
Firstly, design matters, especially with the increasing number of options, from metal to OLED cards among others, and expectations for optimised and secure card designs are ever-growing. The study showed that 72% of respondents care about the design of their payment cards, 83% also being interested in having a metal card, and 84% show an overall preference for numberless physical cards with an added security option.
Another crucial factor is represented by flexibility, which is improved by the combination of physical and digital cards made possible by mobile phones. 71% of customers already leverage a digital payment card, while 68% of those without one have expressed a desire to obtain it within the next three years. In addition, 86% of clients also value the overall option to activate their physical card by tapping it on their phone, which highlights the importance of a secure and efficient integration process between physical and digital payment methods.
At the same time, there has been a shift towards sustainability in payment methods, as 69% of customers would also choose an eco-friendly card, and 71% are interested in participating in recycling programs for expired cards. This growing demand for more sustainable options also underscores the need for payment providers to improve and prioritise eco-friendly practices in order to meet the needs and preferences of customers in an ever-evolving market.
In the Asia-Pacific region, clients display an interest in a variety of payment methods. In India, for example, 83% of clients own a digital card and have a keen interest in physical cards, with 95% being interested in owning a metal card and 90% caring about its design. In Malaysia, 88% of users would have a more positive perception of their bank if they offered a biometric card, while 87% are also interested in obtaining a numberless physical card.
In the region of Japan, 64% favor eco-friendly cards, and 48% prefer physical payment cards for in-store transactions. At the same time, 84% of Australians would consider changing banks in order to obtain an eco-friendly card, and 80% prefer advanced designs that include illuminating cards, customisable card designs, as well as a numberless physical card.
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