A metal card is a luxurious addition to your wallet that has a sleek design, and owning a premium metal banking card can be a mark of social status.
As the financial landscape of the country evolves, products and services that were seen as niche previously are coming to the fore more often. Among these goods, two-decade old metal cards are seeing a renewal in popularity as the trend shifts from Western countries to sweep the globe. FinancialExpress.com talks to Abhay Gupte, MD and CEO, Manipal Technologies about the rising popularity of metal cards and their benefits. Read the full interview here!
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What are metal cards and are they a viable alternative to plastic cards?
A metal card is a luxurious addition to your wallet that has a sleek design, and owning a premium metal banking card can be a mark of social status. These cards are typically designed for high-net-worth individuals and premium customers. Premium metal cards weigh thrice as heavily as standard PVC cards. Its design entails stylish surface engravings, giving it the look of affluence. Today, as a means to engage customers’ loyalty, along with adding value to the brand, banks and fintech companies are looking to avail metal cards for premium customers.
In the past, metal cards were imported from outside India. The current trends amongst millennials indicate a growing interest in new high-quality products, and such metal cards are growing immensely popular amongst customers who seek better experiences. Metal cards can be a game-changer for the banking card industry in the future as they become more and more sought after.
Why should a user switch to metal cards? Are there limiting factors for users when converting to metal cards?
Metal cards are durable, innovative and a highly attractive option. They function as a symbol of wealth in society for users, and adoption by banks and other financial institutions could result in better customer engagement and retention. Metal cards are as secure as plastic cards. There are no limiting factors for users when converting to these. Customers can avail all services and benefits that they would on a plastic card, and additionally obtain a card that signifies luxury and exclusivity.
Is it possible to scale the manufacturing and distribution of metal cards to match that of plastic cards?
At the moment, as the demand gradually increases among customers, the need for scaling the manufacturing and distribution of metal cards at the same volume as plastic cards is not necessary. But, the future may involve a scenario where production and distribution is increased.
How will metal cards benefit the Indian financial system?
Metal cards provide customers exclusivity, luxury and enable them to carry a social status symbol that projects affluence. By offering premium metal cards, banks and other financial institutions can attract new customers and retain old ones. Metal cards can potentially increase the number of customers a given bank or financial institution acquires.
