A new survey commissioned by financial cards firm CompoSecure showed that more than half of consumers preferred metal payment cards over plastic.
The study, conducted by Edgar, Dunn & Company, involved 6,000 people across the US, Japan, the UK, Brazil, Hong Kong and Singapore.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataNearly 59% of the participants indicated preference towards metal payment cards over plastic, if other functionalities are equal.
The opinion was found to be similar in more than 50% of people in almost every surveyed market. Brazil topped the list with 82%.
CompoSecure CEO Jon Wilk said: “This survey helps us better understand the potential needs of financial institutions and the desires of their customers.
“The data also illustrates that a premium card, coupled with a strong rewards proposition, creates the positive brand image sought by financial institutions that are seeking to drive acquisition, increase spending and improve retention.”
The survey revealed huge market opportunities for metal cards. While 63% of people across the world were unaware of this type of cards, the US was found to be the most familiar (44%).
Millennials were found to be comparatively more interested in metal cards. In the US, 77% of this demographic said that they would opt for metal cards.
In October this year, Greener Payments Partnership was launched to reduce first-use PVC plastic in card manufacturing.
Involving Mastercard, Gemalto, Giesecke+Devrient and IDEMIA, the collaboration aims for environmentally friendly cards.
