Phoenix Synergistics: Innovations in the Card Market
Even before the COVID-19 pandemic, providers of card programs (including both credit and debit cards) were seeing increases in transaction activity. Now card programs are in the forefront of the payments landscape, and consumers have increasingly adopted contactless cards, mobile cards, and mobile wallets.
Contactless cards and mobile cards have been available for a number of years, but there has been a recent groundswell of activity as consumers and merchants seek payment alternatives that inhibit coronavirus transmission. As a result, consumers now want cards to provide more in terms of mobile integration, innovative rewards, and spend-management tools. Mobile payments and mobile-wallet activity are increasing. Biometric credit cards with fingerprint technology address security and fraud concerns. As more transactions become cardless, physical cards may become obsolete.
Card issuers and the major card organizations must innovate to stay ahead of the changing behavior of cardholders. This study will evaluate innovation in the card market from the cardholders’ perspective.
This study examines consumer adoption and usage of credit cards, including experiences with rewards, value-added services and innovative credit card features.
National survey – The survey will include 2,000 online interviews with consumer financial decision makers age 18 or older.
Clients will have the opportunity to review the questionnaire and provide comments. The cut-off date for client input is December 3, 2021.
The final report, available in late March 2022, includes a Strategic Insights commentary and executive summary, a Competitive Intelligence section, and full survey results section.