Modern Card Issuing: Financial Inclusivity & Accessibility Features

Developing an accessible payment ecosystem is important because it increases financial inclusion and raises brand awareness, expanding the customer base. Furthermore, taking social and ethical responsibility is important when it comes to aligning with consumer values, which is becoming increasingly important for consumers when choosing their bank. This is especially the case for younger generations; when surveying Gen Z across the UK, Germany, and Spain, Insider Intelligence found that 64% of Gen Z would switch banks if their current provider didn’t meet their ethical standards.

Regulatory provisions surrounding accessibility have the potential to impact the operation of banks and financial services, making it increasingly important that these institutions prioritise accessible payments. The EAA (European Accessibility Act) requires businesses to make their services more accessible and implement the measures outlined in the act by 2025. The most relevant aspects for banking revolve around making information displays intuitive and making physical payment machines usable for those with impairments.

The ability to work with APIs makes modern card issuing platforms uniquely tailored to be able to design cards which are more useable for populations with disabilities. One example is the Thales Gemalto Voice Payment Card, designed for the blind and visually impaired. This connects to an app on the cardholder’s phone via bluetooth and vocalises the amount of the transaction, preventing fraud or mistakes at POS.

Other physical payment innovations created by modern card issuing include notches at the top of the card in order to aid blind people in identifying the correct payment card and having the option for larger font or braille on the card. An example of this is Giesecke + Devrient’s Convego SenseDot Cards, which have embossed bumps applied at point of personalisation to help customers differentiate between cards.

Onboarding is another aspect which can be affected by these regulations due to their requirement for information to be inclusive and easily understood. One way to fulfil this regulation is to have the option to send onboarding information in Braille or to add a QR code allowing the information to be accessed aurally.

Another factor which makes modern cards more widely accessible is their previously discussed convenience, especially during the onboarding process. The physical nature of traditional card issuers provides barriers to different sections of the populace; for example, going to a physical bank branch may be a barrier to accessing a card for rural populations and those at work during bank opening hours. Furthermore, the requirement for a home address to deliver the card to may not be able to be met by some sectors of the population, leaving them underbanked. Due to this, modern card issuing is a method of increasing financial inclusion.

Source: Global Modern Card Issuing Platforms Market 2024-2029

Download the Whitepaper: Modern Card Issuing: A Personalisation Revolution