It is also the reason several top fintechs, including Apple and Revolut, have pivoted from their previous digital-only strategies into creating payment cards of their own with Apple's Apple Card recently marking the company's sure-to-be-significant partnership with Mastercard. Both cards are made as the "backup" option since not everyone has contacless terminals.
Cards as the top payment method for consumers and retailers
One of the most important facts revealed by the survey was that 61% of retailers said that card payments are the most convenient method of payment.
Cards scored very high when it came to the question of security and fraud. 75% of consumers are aware that their money will be reimbursed in such an event.
31% of retailers believe that the reduction in risk of fraud is the most significant benefit brought by card payments.
More specifically, retailers in France (40%) Italy (44%) and Poland (41%) consider cards to be a strong tool against fraud, while "Germany and Sweden put a lot more weight on fintech (19% and 17% respectively, considerably more than in the others)", according to Payments Europe.
When it comes to cost and value, 91% of retailers believe that the benefits outweigh the cost of card payments outweigh the costs seeing that retailers estimated that accepting cash and time spent to deposit and manage cash has a higher cost financially and time-wise.
Future of payment cards
Taking all this into account, we can say that, as far as the payment card's future goes, the prognosis looks bright. Even though it's easy to equate the card with the check – due to its age and long-time ubiquity – cards have time and again shown they are more than capable of holding their own in the digital age.
Here's our expert's opinion: