REGIONAL VARIATION: Physical cards are more popular for in-person transactions in certain countries
More than one in two consumers worldwide prefer using a physical payment card to using cash or a digital wallet when making in-person purchases (53%), a survey has revealed.
It also shows regional variations with a higher proportion of respondents citing physical cards as their preferred payment method for in-person transactions in Russia (78%), France (76%), Poland (76%) and Brazil (73%) than in India (40%), Indonesia (35%) and China (26%).
Similarly, a higher proportion of consumers cite mobile wallets as their preferred payment method in China (66%), Hong Kong (40%), and India (38%) than in Germany and the UK (11%), the USA, Italy, Poland and Turkey (10%), Canada (8%) and France (7%).
The proportion of respondents identifying cash as their preferred method of payment was highest in Turkey (42%), followed by Germany (41%), Indonesia (37%), Mexico (35%) and Japan (30%).
When asked about physical card form factors 72% of respondents said they would opt for a card made of eco-friendly materials and 70% for a metal card if all the benefits and rewards were equal to those of other cards on offer.
“Half of consumers surveyed (51%) took their desire for metal cards further by indicating they would leave their bank for another that offered a metal payment card, assuming the payment card benefits and rewards were equal,” the researchers say.
“Millennials (61%) and wealthy (63%) consumers have a greater inclination to leave their bank for one that offers a metal card.”
The survey was conducted with 18,000 consumers in 18 markets worldwide and was commissioned by premium payment card provider CompoSecure.
Global survey finds more than half of consumers continue to prefer using a physical payment card for in-person purchases was written by Tom Phillips and published by NFCW.