Due to the ongoing constraints around foreign travel – as well as the general uncertainty governing how business and travel will look post-COVID-19 – Issuers must devise new ways to guarantee revenue streams are safeguarded, despite what may be long-term swings in travel expenditure.
In every transaction, issuers must now aim to be the card of choice. This necessitates understanding where and when consumers are most likely to spend, as well as guaranteeing that their cards are simple to use across all channels.
In certain circumstances, this may necessitate providing incentives for customers to pick one card over another. In other cases, it necessitates battling with payment substitutes such as QR codes and developing sorts of account-to-account transactions, which do away with the card completely.
Despite the growing popularity of mobile and digital wallets throughout the world, several respondents expressed security worries about the technology.