In the coming years, the main vectors of payment card development will be new effective methods of personal data protection and the gradual universalization of cards, i.e., combining the primary functions of cards for different needs into one card (especially concerning the opening of deposits and obtaining loans).
This opinion was expressed by Anna Dovhalska, Deputy Chairperson of the Board of GLOBUS BANK.
Additionally, according to the banker, the development of virtual cards will become important, leading to a gradual move away from "plastic." The gradual implementation of the "multicurrency" function in one card is also quite possible, reducing the need to open a separate card for currency transfers to foreign bank cards or making purchases abroad.
"In one way or another, the development of cards will be inextricably linked to strengthening the protection of clients' personal data. After all, user security is partly an element of service and convenience. At the same time, the development of virtual cards, as the most modern way of making contactless payments, will significantly increase, while the use of 'plastic' is expected to decrease. It can be predicted that in light of technical advancements, such as the ability to withdraw cash from an ATM using a QR code, over 70% of all bank cards will become virtual in the next 2-3 years," concluded Anna Dovhalska.
