IDEMIA Secure Transactions Survey 2024 Reveals: Global and Indian Consumers Prioritize Card Design, Convenience, and Sustainability in Payment Preferences
As innovations continue to transform every facet of our lives, the payment sector is also evolving rapidly. IDEMIA Secure Transactions conducted an exclusive survey between December 2023 and January 2024 to explore global and Indian consumer preferences in payment methods.
Key Insights into Payment Preferences
Global Insights:
- Card Design: Globally, 72% of users emphasize the importance of card design. Metal cards are preferred by 83% of users, and 84% favor numberless physical cards for enhanced security.
- Digital Payment Cards: Digital payment cards are popular, with 71% of global respondents using them. A significant portion (87%) of users is interested in adopting digital cards on mobile phones within the next three years.
Indian Insights:
- Metal Cards: In India, 95% of users show interest in metal cards. They are valued for their elegant design (75%) and sense of distinction (55%).
- Digital Payment Cards: A remarkable 83% of Indian respondents use digital payment cards, with 87% expressing a strong interest in adopting them within the next three years.
Motivators for Payment Choices
Security and Convenience:
- Global: Security and convenience are crucial motivators, with 68% of global users citing these factors as primary reasons for their payment preferences.
- India: Similarly, 68% of Indian users prioritize security and convenience. Additionally, 55% appreciate quicker checkouts, and 55% are interested in new technologies.
Payment Preferences:
- Global: 57% of global users prefer digital wallets, while a substantial number use physical cards weekly.
- India: Online, 57% of Indian users prefer digital wallets, and 25% use physical cards. Notably, 55% use their cards weekly, and 38% use physical cards a few times per month for online payments.
Emerging Technologies in Payment Cards
Biometric Fingerprint Cards:
- Global: Security (77%) and convenience (55%) are significant factors driving the adoption of biometric cards. 83% are willing to pay for such cards.
- India: Awareness is high, with 73% of respondents familiar with biometric cards. The value placed on security and convenience is reflected in the strong willingness to pay for these cards.
Eco-Friendly and Metal Cards:
- Global: 69% of global respondents prefer eco-friendly cards, and 71% are willing to recycle expired cards.
- India: 75% of Indian users prefer eco-friendly cards, and 70% would switch banks for these options. Additionally, 72% are aware of metal cards, with 95% showing interest.
Future Trends in Payment Solutions
Julia Schoonenberg, Executive Vice President Payment Services at IDEMIA Secure Transactions, emphasized the company’s commitment to leading industry innovations: “As a trendsetter, we strive to be at the forefront of the evolutions in our industry and this survey testifies to 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.”
IDEMIA Secure Transactions (IST) is dedicated to providing consumer-focused services that align with the rapid advancements in digital payments. Through regular surveys, IST gains valuable insights into payment preferences, reinforcing its position as a technological leader in the payment market. As banks and FinTechs continue to digitize, IST offers a seamless integration of physical and digital payment solutions, ensuring top-notch security through cryptography and tokenization.
Regarding sustainability, IST supports ecological transitions by reimagining traditional payment products. The GREENPAY offer includes innovative and eco-friendly materials like recycled PVC and the GREENPAY Wallet for regenerative solutions. IST remains committed to enhancing sustainability across the payment card value chain.
Important Information
- Global Consumer Preferences:
- 72% prioritize card design.
- 83% prefer metal cards.
- 84% favor numberless physical cards for security.
- 71% use digital payment cards.
- 68% emphasize security and convenience.
- Indian Consumer Preferences:
- 95% interested in metal cards.
- 83% use digital payment cards.
- 87% interested in adopting digital cards within three years.
- 55% use physical cards weekly.
- 73% are aware of biometric cards.
- 75% prefer eco-friendly cards.
- 95% interested in metal cards for elegant design.
About IDEMIA Group: IDEMIA Group specializes in secure and innovative solutions for payments, connectivity, identification, travel, and public safety. With a focus on biometrics and cryptography, IDEMIA develops advanced technologies with a commitment to ethical and socially responsible practices. The company secures billions of interactions daily in both physical and digital realms.
