Financial cards have been a cornerstone of our monetary transactions for decades, providing us with convenience and security. Yet as technology advances at an unprecedented pace, financial cards are undergoing a significant transformation to meet the demands and preferences of the present generation. In this blog post, we’ll examine the evolution of financial cards, highlight the importance of the flat card trend, and explore the possibilities that emerge with flat card adoption.
Financial cards then and now
Financial cards have come a long way since their inception. The concept of using plastic cards for payments emerged in the late 1950s, coinciding with the introduction of the Diners Club Card. This breakthrough led to the development of various card types, such as credit cards, debit cards, and prepaid cards, which revolutionized the way we transact.
In recent years, financial cards have undergone significant modernization to keep pace with evolving consumer needs. One noteworthy example is the integration of contactless technology, allowing for quick and effortless payments with just a tap at point of sale. According to a Mastercard survey, 82% of consumers express a preference for contactless payments over conventional methods. This underscores the increasing significance of modernized financial cards in aligning with evolving consumer preferences and technological advancements.
More recently, the rise of flat cards, also referred to as unembossed cards, has emerged as a game changer. Unlike traditional embossed cards that bear raised characters on the surface, flat cards offer a sleek, minimalist design. For a number of reasons, this trend has gained significant traction with the present generation.
Enhancing cardholder experience by design
First and foremost, flat cards are more durable and less prone to wear and tear. The absence of embossed characters eliminates the risk of them fading or getting damaged over time. And with the card replacement process extending to nearly two months, this presents an opportune time for card issuers to adapt their operational strategies and offer flat card alternatives to their cardholders and members.
Secondly, flat cards align with the aesthetic preferences of the present generation. As minimalism and sleek design gain momentum across multiple industries, financial cards have followed suit. As highlighted in a Slate article, card issuers should leverage any available advantage in the highly competitive card market.
Flat cards: Possibilities abound
The widespread adoption of flat cards in the financial industry brings exciting possibilities for both consumers and businesses. In Online Payment Fraud: Market Forecasts, Emerging Threats & Segment Analysis 2023-2028, Juniper Research estimates that merchant losses from online payment fraud will reach $362 billion globally between 2023 and 2028. The absence of embossed characters allows for enhanced security features to be integrated seamlessly – from advanced encryption methods, modern authentication options, and dynamic CVV codes – reducing the risk of fraud and identity theft.
Moreover, flat cards provide ample space for customization and personalization. Financial institutions can leverage this opportunity to offer personalized designs, enabling individuals to showcase their unique preferences or affiliations. With front, back, vertical, and horizontal layouts plus vibrant ribbon colors, cardholders and members will be able to enjoy high-quality, unique card designs made possible by next-generation flat card innovation.
Driven by the needs and preferences of the present generation, the evolution of financial cards continues to unfold. Within the industry, flat cards have emerged as a necessary trend, providing increased durability and a sleek, minimalist design that captures consumers’ attention. This transition has not only enhanced the aesthetic appeal of financial cards, but has also brought new possibilities for advanced security features and personalized customization. As we move forward, it’s evident that modernized financial cards will continue to shape the future of monetary transactions, providing consumers with convenient, secure, and personalized payment experiences.
To discover how Entrust can support your financial card modernization objectives, explore the options on our website: Click here for centralized card issuance or click here for instant card issuance at your branch.
