Global Premium Metal Payment Card (Full, Hybrid, Veneer, Others) Market Report 2023-2029: Aesthetic Appeal, Digital Experiences and Cutting-Edge Tech Bolsters Growth
The Global Premium Metal Payment Card market was valued at USD 526.74 Million in 2022.
DUBLIN , Dec. 12, 2023 /PRNewswire/ -- The "Global Premium Metal Payment Card Market (2023 Edition): Analysis By Value and Volume, Metal Type (Full, Hybrid, Veneer, Others), Application (Credit, Debit), Service Provider (Visa, Mastercard, Others), By Region, By Country: Market Insights and Forecast (2019-2029)" report has been added to ResearchAndMarkets.com's offering.
The Global Premium Metal Payment Card market was valued at USD 526.74 Million in 2022. The Global Premium Metal Payment Card Market is expected to grow in the forecast period and register a market value of USD 1391.11 Million in 2029 at a CAGR of 14.9% during the forecast period.
The report provides a complete analysis of the Global Premium Metal Payment Card industry in terms of historical data for 2019-2022, estimates for 2023 and forecasts for 2024-2029.
Premium metal cards are often made of materials like stainless steel or titanium, giving them a luxurious and high-quality feel. Possessing such a card can be seen as a status symbol, providing a sense of exclusivity and prestige to cardholders. Moreover, the physical construction of metal cards contributes to their durability. Many users appreciate the sturdiness and longevity of metal cards compared to traditional plastic cards.
Premium metal cards often come with higher annual fees and may have additional revenue streams through interest charges and transaction fees. The shift towards these cards can contribute to increased revenue and improved profitability for financial institutions.
Moreover, Millennials and Gen Z are often considered tech-savvy generations. Their preference for digital experiences and cutting-edge technology can influence the design and features of premium metal cards, pushing for innovations such as contactless payments, mobile app integration, and enhanced digital services. Millennials and Gen Z often prioritize experiences over material possessions. Premium metal payment cards that offer travel rewards, exclusive event access, or unique lifestyle benefits align with the preferences of these generations, emphasizing experiences over traditional ownership.
Additionally, economic growth directly influences consumer spending habits. In times of economic expansion, consumers are more willing to spend on premium products and services, including premium metal payment cards. The adoption of new payment technologies, such as contactless payments and mobile wallets, heavily influences the attractiveness of physical payment cards, including premium metal ones.
Metal cards are often associated with a sleek and modern design, contributing to their aesthetic appeal. Millennials, known for valuing unique and stylish products, perceive metal cards as a status symbol and a way to express their individuality. Representing an essential demographic, 24% of millennials in the United States view their credit cards as a status symbol, according to a survey from Lend EDU.
Any business needs to have a product that captures millennials' attention because it is one of the largest segments of the population. An Oracle study predicts that millennials have a spending power of more than USD 3.3 trillion. Millennials are active on social media, and the trend of sharing lifestyle choices extends to sharing images of unique and premium possessions, including metal cards.
This social influence can further amplify the popularity of metal cards among their peers. Metal cards often incorporate advanced technologies such as contactless payments and biometric authentication. Millennials, who are generally tech-savvy, appreciate the integration of innovative features, that align with their preferences for cutting-edge financial products.
Moreover, many metal cards offer travel perks, concierge services, and lifestyle benefits. Millennials, known for their desire to experience life and explore the world, are attracted to cards that align with their travel and lifestyle aspirations. Millennials often prioritize experiences over ownership of physical possessions.
Scope of the Report
- The report analyses the Premium Metal Payment Card Market by Value (USD Million) and Volume (In Millions).
- The report presents the analysis of Premium Metal Payment Card Market for the historical period of 2019-2022, the estimated year 2023 and the forecast period of 2024-2029.
- The report analyses the Premium Metal Payment Card Market By Type (Full Metal Card, Hybrid Metal Card, Veneer Metal Card and Other Metal Card Types)
- The report analyses the Premium Metal Payment Card Market By Application (Credit Cards and Debit Cards).
- The report analyses the Premium Metal Payment Card Market By Service Provider (Visa, Mastercard and Other Service Provider).
- The key insights of the report have been presented through the frameworks of SWOT and Porter's Five Forces Analysis. Also, the attractiveness of the market has been presented by region, By Types, by mode of operation & by end users.
- Also, the major opportunities, trends, drivers and challenges of the industry has been analysed in the report.
- The report tracks competitive developments, strategies, mergers and acquisitions and new product development.
Analyst Recommendations
- Expand Production of Contact Less and Biometric Authentication in Premium Metal Payment Cards.
- Expand Market Presence in Asia Pacific Region
Competitive Positioning
- Companies' Product Positioning
- Market Position Matrix
- Market Share Analysis of Premium Metal Payment Card Market
- Company Profiles
The companies analysed in the report include
- CompoSecure Inc
- Giesecke+Devrient
- Thales Group
- CPI Card Group Inc
- Paragon Id SA
- Goldpac Group Ltd
- ICK International Inc
- IDEMIA
- Toppan Gravity
- Kona M Co. Ltd
For more information about this report visit https://www.researchandmarkets.com/r/p7ipz6
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