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Digital transactions have gained significantly, says a research report by IDEMIA secure transactions. 81 per cent of the respondent's express preference for receiving their payment cards immediately in digital form on their mobile phones.
This trend is mirrored globally, with 83 per cent of users already possessing one or more digital payment cards. The report suggests that 83 per cent of respondents access their digital cards via Google Pay, while 72 per cent use banking apps on their Android devices. Looking ahead, 87 per cent of respondents are keen on adopting digital payment cards within the next three years, reflecting an ongoing shift towards digital solutions. The survey reveals that security and convenience are paramount in users' payment choices. Enhanced security is a priority for 68 per cent of respondents, with an equal number citing convenience as a crucial factor. Among the reasons for favouring digital cards, 55 per cent appreciate the quicker checkout process, while another 55 per cent are drawn to the latest technologies. These factors are driving the growing adoption of digital wallets, with 57 per cent of users preferring them for online transactions, compared to 25 per cent who still rely on physical cards. The report says, biometric fingerprint cards are gaining traction, with 73 per cent of respondents aware of this technology. The appeal of biometric cards is evident, as 77 per cent value the enhanced security they offer, and 55 per cent appreciate their convenience. An impressive 83 per cent are willing to pay extra for biometric cards, indicating a strong market demand for these advanced payment solutions. Sustainability is becoming a significant factor in payment preferences. Globally, 69 per cent of users prefer eco-friendly cards, with 71 per cent willing to recycle expired cards. In India, this trend is even more pronounced, with 75 per cent of respondents preferring eco-friendly cards and 70 per cent willing to switch banks to obtain them. Additionally, 72 per cent of Indians are aware of metal cards, and a remarkable 95 per cent express interest in them. The elegant design and distinctive feel of metal cards contribute to their popularity, with 75 per cent of users valuing their design and 55 per cent appreciating the sense of distinction they provide. Julia Schoonenberg, Executive Vice President Payment Services at IDEMIA Secure Transactions, comments on the findings and said, "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." (ANI)
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