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Sunday, May 29, 2022

Physical Cards Are Far From Extinction, Digital Payments Are Still Rising

Most consumers would prefer to opt for their physical cards at checkout even though there is a clear trend towards the adoption of digital alternatives.

This move would benefit the customer and the businesses alike. Digital wallets provide more security and are also convenient and faster than traditional ones.

Matthew Cole Talks About The Evolution Of Physical Cards

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Matthew Cole, who is the VP of the Digital Business Unit, stated that they were witnessing an evolution that had already taken place with various other types of credentials. Transit cards had gone digital and that would happen to other things as well. People would see a gradual wave of digitalization of all the credentials one finds in their wallets. The physical cards would no longer hold any significance as you would not need them anymore.

Data shows that 41% of all consumers have a digital card of some sort but physical cards are still more popular than them and would be so for some time to come.

The physical and digital wallets would remain in existence till a majority of stores have the infrastructure to support the digital ones.

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This concept actually makes sense when people use their license or passports, as the physical infrastructure is there to support it.

Cole thinks that a combination of factors has compelled some retailers and government organizations to put the necessary infrastructure to support digital wallets in place, while others have not.

Some of the retailers have adopted self-checkout infrastructure much more quickly during the lockdowns but not everyone has. Cole thinks that they need to be able to support all forms of payment for the foreseeable future.

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