UK braces for surge in metal credit card popularity
CompoSecure, LLC, a pioneer and global leader in the design and manufacturing of premium financial cards, shared data from a recent survey conducted by Edgar, Dunn & Company, a leading global consulting firm, that shows UK is poised to experience the same demand for metal credit cards that took the U.S. by storm.
Of the one thousand people polled in the UK, seven in 10 British respondents (68%) were not familiar with metal cards and yet half (48%) said they would prefer metal or metal hybrid cards over plastic cards if all other things (rewards, cost and benefits) were equal. The interest in metal cards increased to over 60% with those who are either under 35 years of age or whose income was over £43,330. Additionally, 34% of consumers would be willing to leave their bank for another that offered metal cards. The top two reasons people said they would use a metal card are its ability to make an impression and its durability.
“The premiumisation of everyday products is having a profound effect on the payments industry, driving the transformation of ordinary plastic payment cards to bespoke personal accessories,” said Jon Wilk, CEO of CompoSecure. “From the weighty feel in their hand to the sound that it makes when it hits the table to pay the check, metal cards make a positive impression on the cardholder and differentiate the financial institution, as part of a strong loyalty and benefits package.”
A number of major international banks have already begun issuing metal cards in the UK, as they are a top choice among affluent customers around the world. The response from the UK’s growing affluent market has been strong, and other banks are following suit by incorporating metal cards into their offerings. Consumers and the media alike are taking note of the “prestigious” new cards.
Edgar, Dunn & Company’s research encompasses documentation of financial industry and consumer trends along with an original survey to gauge and validate consumer demand and card issuer interest in metal cards. To ascertain consumer demand, 10,000 consumers in 10 markets – United States, United Kingdom, Brazil, Singapore, Hong Kong, Japan, Australia, Canada, India and Mexico – completed an online survey. These markets were selected as representative of a cross-section of global economies.