Credit Cards: An Inclusive, Digital Transformation

For most consumers, the shape, look and feel of credit cards are often taken for granted. They sit in wallets and purses and are used to fulfil a basic function: making payments. 

However, credit card innovations, both physically and digitally, have made the act of paying for good and services all the more interesting, while driving accessibility and inclusivity forward. 

While traditional efforts were centred on expanding access to credit and charge cards to a broader customer base, now, the emphasis has shifted somewhat to the usability of cards for diverse groups.

Credit cards: Taking inclusivity seriously 

Eoghan Sheehy, Associate Managing Director of Strategy at Publicis Sapient, says: “New credit card designs feature vertically-oriented layouts, which can be easier to use for individuals with cognitive issues. 

“Additionally, cards now often include large format text to aid those with impaired vision, and strong, contrasting colours to assist individuals with colour blindness. These changes ensure more people can use credit cards independently and with ease.”

At Money20/20 Europe 2024, Gabrielle Bugat, CEO of G+D’s ePayments division, discussed the latest innovations that the currencies and financial platform leader is undertaking to make credit cards more inclusive. 

“Over the past year, we've been leading our accessibility project,” she says. “It was about putting ourselves in the shoes of people with disabilities – including blindfolding exercises – to really understand that convenience is for everyone.”

From this came the development of G+D’s credit cards in braille. 

“Now our cards in Braille are designed specifically with those who are blind in mind,” Gabrielle adds. “Through touch, cardholders can easily navigate the location of a chip, card number and other key features thanks to a unique layout.”

Instead of customising existing products, G+D is making its cards inclusive by design for those with disabilities.

The market leader has held numerous co-creation workshops to help deliver products designed for the specific purposes of those who need them, alongside bank representatives to help meet the bespoke needs of banking clients. 

The evolution of premium credit cards 

Indeed, credit cards have also evolved with luxury in mind. 

Once exclusive to high-end customers in North America, premium credit card options are now widely available to all thanks to neobanks such as Revolut, N26 and Monzo.

“This shift allows more people to experience the durability, aesthetic appeal and prestige previously reserved for premium credit card holders,” Eoghan says. 

G+D has developed premium cards with sustainability in mind, producing them with durable wood. This comes as part of its aim to cut down on the use of PVC plastics in credit card production. 

“At G+D, we already have plastic from ocean carts deployed and it’s about adjusting our cards, which may be a bit more uneven now as we are not using raw plastic,” continues Gabrielle. “For example, applying a wave effect to make the rougher plastic integral to the design.”

By 2030, G+D has pledged to no longer use virgin plastic in any of its card production, joining the likes of Mastercard which has to do the same by 2028. 

The company will continue to push echo wood as a sustainable premium option for its cards, alongside ceramic and heavier metals. 

The age of the virtual card

Physical cards aside, leading industry players know that today is the era of virtual card use. 

For Eoghan, single-use virtual debit cards have significantly transformed myriad industries by simplifying and securing the payment experience.

“Virtual cards generate unique, temporary card numbers for each transaction, minimising the risk of fraud and unauthorised charges,” he says. “This innovation ensures sensitive card details are not exposed during transactions, enhancing security.”

Popular for travel, single-use virtual cards are extending into various other industries, including insurance payments. By providing a secure and efficient way to handle transactions, virtual cards are reducing administrative burdens and improving the overall experience. 

Eoghan believes that as the technology evolves, “we can expect further innovations that will enhance convenience and security across a broader range of sectors, making virtual cards an increasingly integral part of the payment landscape”.

Stuart Davenport, Chief Product Officer at Conferma, notes how virtual cards have taken off in the B2B payments industry, “providing corporate account holders with flexibility to securely extend their credit line to more employees with strong payment controls, automated reconciliation and powerful data insights”.

He continues: “Corporates no longer need to worry about a shared ‘office card’, where multiple staff members have access to an open limit or force employees to use their personal cards to pay for business expenses. Recent extensions of virtual cards have enabled them to be used in a Digital Wallet, such as Apple Pay or Google Pay.”

It’s clear the ability to instantly issue a card into a Digital Wallet now unlocks new payment use cases, particularly for businesses. 

Card innovations: Security top of mind

Cybersecurity is vital in today’s digital landscape and credit card innovations in this space – notably dynamic CVV codes – have made credit card payments all the more secure. 

These codes are easier for issuers, too. They can generate new, three-digit codes as opposed to new card numbers – particularly for single-use cards.

“This balance of security and convenience makes dynamic CVV codes a highly effective solution,” Eoghan goes on. “They protect against fraud and unauthorised transactions while ensuring a seamless user experience, paving the way for broader adoption of secure payment technologies.”

Other options are coming to the fore in payments security, namely biometric authentication, which many consumers use daily when making purchases from mobile devices. 

For Eoghan, biometric payments – while not a cure-all – can increasingly be seen as a solution to growing issues of fraud and theft in payments. 

He says: “By using unique biological traits like fingerprints or facial recognition, biometrics offer a secure and user-friendly method of authentication that is much harder to replicate or steal compared to traditional methods. 

“Combining these biometric authentication features like facial recognition or continuous heart rate monitoring with traditional authentication mechanisms enhances the overall security manifold.”

However, Eoghan feels financial services firms can do more to improve consumer trust in the safety benefits of biometric authentication tools. 

These include: 

1. Educating customers: Providing clear information about how biometric data is collected, stored and protected can help alleviate privacy concerns.

2. Transparency: Being transparent about the security measures in place to protect biometric data can build confidence.

3. Compliance with standards: Adhering to industry standards and regulations for biometric data security ensures a high level of protection.

4. Offering opt-in programmes: Allowing customers to choose whether or not to use biometric authentication can ease concerns and demonstrate respect for user preferences.

Eoghan concludes: “The acceptance and success of biometrics in certain markets, such as China, demonstrate the potential for broad adoption. In these markets, biometric authentication has become a standard practice, providing a model for other regions to follow. 

“The technology's ability to quickly and accurately verify identities enhances both security and convenience, making it an attractive option for consumers and financial service providers alike.

“By addressing security concerns and emphasising the benefits of biometrics, financial services can foster trust and encourage wider adoption of this innovative technology in payment systems.”

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