As innovations, whether digital or physical, revolutionize 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 prioritize design, convenience, and sustainability in their payment preferences. Globally, 72% users care about card design, with 83% interested in metal cards and 84% favoring numberless physical cards for security. In India, 95% are interested in metal cards, valued for their elegant design (75%) and distinction (55%). Digital payment cards are widely used, with 71% of global respondents and 83% of Indian respondents already utilizing them. In both cases, there is a strong preference for digital cards on mobile phones, with 87% of Indians interested in adopting them within three years.
Security and convenience are key motivators, cited by 68% globally and 68% of Indians. Payment habits show 57% of global users and 55% of Indian users prefer digital wallets, with a significant portion using physical cards weekly. In India, there is high awareness (73%) and willingness to pay (83%) for biometric cards, valued for security (77%) and convenience (55%). Sustainability is important globally, with 69% preferring eco-friendly cards and 71% willing to recycle expired cards. Similarly, 75% of Indians prefer eco-friendly cards, with 70% willing to switch banks for them. Additionally, 72% of Indians are aware of metal cards, with 95% expressing interest.
Key India findings:
- Strong Preference for Digital Payment Cards:
- 81% of respondents prefer to receive their payment card immediately, specifically as a digital version on their phones.
- 83% of respondents already have one or more digital payment cards
- 83% access digital cards via Google Pay; 72% use the banking app on Android
- 87% expressed interest in adopting them within the next three years
- Security and Convenience as Primary Motivators:
- Enhanced security (68%) and convenience (68%) are primary reasons for using digital cards.
- 55% appreciate quicker checkout; 55% enjoy new technologies.
- Payment Preferences:
- Online, 57% prefer digital wallets and 25% use physical cards, with 55% using their card weekly
- When paying online, 55% pay with their physical cards at least one time per week.
- 38% of respondents use their physical payment a few times per month to pay online.
- High Awareness and Demand for Biometric Fingerprint Cards:
- 73% are aware of biometric cards
- 77% value security; 55% value convenience. 83% are willing to pay for biometric cards.
- Eco-Friendly and Metal Cards Garner Interest:
- 75% prefer eco-friendly cards; 70% would switch banks for them
- 72% aware of metal cards; 95% interested in metal cards
- Preferred for elegant design (75%) and feeling of distinction (55%).
“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 digitize, 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 ecofriendly 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.
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