However, the new wave of technology needs to seamlessly mix smartphones and payment cards.
Almost half of respondents cited instant access to a digital debit or credit card when opening a new account as an important criterion. Yet, 83% of Singapore respondents also indicated their preference to use physical credit or debit cards. This includes nearly a third of all Millennials and Gen Z respondents.
“This report clearly demonstrates that we are entering a hybrid future; banks need to provide both physical and digital payment options in order to remain competitive and relevant. Digital-first experiences can enable AI-driven digital account opening and onboarding while still providing a digital payment card along with the physical credential, allowing customers secure and accessible options,” says Jenn Markey, vice president of Payments and Identity of Entrust.
