The history of modern credit cards dates back to just after World War II. charge it The cards came out of Brooklyn and were tied to a single bank.
The account holder could use the card at several local merchants, and the bank would pay the merchant and bill the cardholder.
Then, in the 1950s and 1960s, bank-issued cards emerged. Debit cards appeared in his 1960s.
But in 2024, there will be closed-loop systems, embedded chips, and lots of plastic cards in wallets, issued by several companies. different Everything seems like the 20th century: banks, 16-digit numbers, CVVs to remember.
Changes due to the rapid growth of digital channels, the move towards mobile devices, and advanced technologies such as artificial intelligence That's exactly how card It will be createddistributed, personalized and used.
A series of announcements from visa This week we will introduce 7 new products Payment products It included products that helped further facilitate what I would call a “re-imagining” of cards.
Concept and implementation of “One Card” — flexible credentials — One digitally issued card that allows you to “switch” between debit, credit, hourly payment options, and cryptocurrencies. By connecting a single card to multiple bank accounts, consumers can eliminate the confusion caused by splitting and reusing credit and debit cards from different banks in their daily financial lives. Masu.
Separately, Visa also announced the ability to add a credit or debit card to your mobile wallet with just a tap and use the card to authenticate your identity.
Cards are ubiquitous almost everywhere.But how they are used It depends where you look. PYMNTS Intelligence found: generation z For example, consumers are most likely to use credit products and services to better manage spending and cash flow, at 54%, the highest percentage of any age group. Masu. Millennials rank him in second place with nearly 52%. About 41% of older consumers do so.
PYMNTS Intelligence data from the “Tracking Digital Payment Takeovers” series highlighted that digital wallets are card hubs, digital means to move money between accounts and pay bills. Approximately 80% of consumers said they use digital wallets to: various function.
There have been changes in the last few months. Use of card The use of debit cards as a payment method for the underlying digital wallet for grocery purchases has doubled in the last year (fueled by debit momentum). For example, data shows that debit cards account for a 55% share of digital wallet spending on groceries. An older, higher-income consumer used credit cards for 42% of his retail purchases.
Cards issued by national banks remain dominant among consumers, accounting for 68% of cards issued. As PYMNTS revealed late last year, two-thirds of consumers who has For major local bank accounts, credit cards issued by national banks are the primary choice.
Visa and PYMNTS Intelligence Investigation click and mortar shopping Discover digital experiences across channels, lots of Payment options are one of the most demanded features by consumers. A.I.– Enhanced banking and payments experience and personalized card-linked offers to encourage card usage on digital and mobile devices. in hand.
