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The future of credit cards: trends and innovations to watch out for

Credit cards, if used smartly, can help customers benefit from several rewards and improve their credit score. Over the past few years, several technologies have changed the way credit cards are used. Read on to learn about some credit card trends to watch out for in 2024.

Credit card trends customers need to know about in 2024

  • Virtual credit cards will help banks offer customers greater security: A virtual credit card has no physical form. These cards exist only in their virtual form, relieving customers of the hassle of carrying them Credit Cards everywhere. These are available online and usually have a transaction limit (similar to the credit limit set by credit cards). Cardholders can apply for a virtual credit card online and can also immediately block their virtual cards if they suspect fraud.
  • Credit cards will have more advanced security measures: Banks and credit card issuers are focusing on securing their customers’ sensitive information by adding additional layers of security Credit Cards. Banks use biometric authentication as an additional layer of protection against unauthorized use. This trend is likely to intensify in 2024.
  • Card issuers will slowly adapt to green credit cards: As the adverse effects of climate change manifest themselves in more ways than one, customers are trying to make greener decisions. Banks and card issuers are now switching to green credit cards, and banks are trying to incentivize green spending through rewards. For example, a customer who shops at an organic store can benefit from higher rewards.
  • BNPL services will be more widespread in India: «Buy now, pay later» is becoming an increasingly popular trend in India recently. Several credit card companies now allow customers to first make a purchase and then pay for it in fixed installments over a set period of time. In addition, these installments are mostly with zero interest!
  • IoT will enable credit card integration with wearable devices: The Internet of Things (IoT) will completely change how we interact with credit cards. Banks are looking to use IoT technology to integrate credit cards with wearable devices such as smartwatches. With this technology, individuals do not need to carry a physical card.
  • Credit card customer service will soon be powered by AI: Customer service experiences will also undergo technology. AI-powered customer service teams are already helping banks solve credit card-related problems. Chatbots and virtual assistants on bank websites help customers solve their queries instantly.
  • More card issuers are teaching customers how to spend wisely through tools and resources: As more customers become interested in financial literacy and learn how to spend money smartly with their credit cards, banks are trying to reach out to more people to promote best practices. Through online tutorials, tools and other educational resources, financial institutions strive to promote credit card best practices such as paying bills on time and checking credit card statements.
  • More credit cards will support contactless payments: Contactless payments have already become a reality around the world. They are enabled by Near Field Communication (NFC) technology, which allows customers to pay by touching a credit card to a point-of-sale (POS) terminal. Especially since the COVID-19 pandemic, governments around the world are promoting digital payments due to social distancing rules. NFC-enabled credit cards are becoming popular in India as well. Some banks in India have already taken steps in this direction. IndusInd Bank’s Platinum Credit Card, for example, helps customers make contactless payments.
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Finally

Credit card companies are trying to make their credit cards safer and greener. Banks are turning to virtual credit cards to help achieve both of these goals. Banks and financial institutions are also trying to inform their customers about the best ways to use their credit cards. In addition to these trends, customer service may rely more on AI and contactless payments via credit cards are expected to increase. You can apply for a credit card online and benefit from a paperless documentation process and more attractive rewards.

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