Providing frictionless customer experiences is a top priority in the finance industry, helping to make payments easy for everyone. Specifically, it is essential to improve the payment experience for older people as well as for those who are impaired. Giesecke+Devrient (G+D) believes that payments should be accessible for all. Therefore, it is calling for a joint effort to make the payments ecosystem more accessible and socially sustainable.
Whether by cash, a card, or via a digital wallet, a wide range of payment options are available today. However, payments are not getting easier for everyone. The growing complexity and multi-functionalities of payments might even prevent certain customer groups from fully benefiting from payment innovations.
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An estimated 1.3 billion people, or 16% of the global population are affected by a significant impairment today.
1-in-6 of global population to be older than 65 by 2050
The group of people with some forms of impairments is expected to grow as the global population ages. According to UN projections, by 2050, 1 in 6 people worldwide will be older than 65. This represents a big shift compared to 1 in 11 people in 2019.
Yet, there is still a lack of awareness regarding the specific needs of the elderly population and impaired people. All these challenges in the payment industry can further exacerbate inequality in society. G+D is therefore committed to supporting banks in creating a payment landscape with accessible payment solutions, That is, a landscape that protect the dignity and independence of an individual in payments.
Through a customer-centric approach, financial institutions not only succeed in creating a more tailored and seamless customer experience. They can also take an important step in visibly demonstrating their environmental, social, and governance (ESG) commitments.
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By GlobalDataAccording to G+D, its More Accessible Payments solutions enable banks to offer more socially responsible and inclusive payment products. The payment industry is at the beginning of this journey, achieving social commitment and increasing accessibility for all. G+D has committed to supporting banks in this journey one step at a time, alongside banks, NGOs, and end-customers.
Customer-centric thinking paves the way for greater accessibility
Payment cards are not only the physical bond between banks and customers and a strong brand statement for banks. They are also the most used non-cash daily payment method worldwide. Embossing or notching on payment cards, for example, makes it simpler to distinguish them also for visually impaired people. Large, high-contrast fonts, as well as Braille characters, make cards easier to read and use. Biometric authentication on cards and mobile phones enables users to avoid having to remember or type in PINs.
Since Covid, the adoption of mobile banking and payments among the older population has increased significantly. Financial institutions can foster accessibility by placing customer needs at the center of UX design.
“As we move towards a digital and diverse society, payment methods must be simple, convenient, and secure for all. “Technology has a crucial role to play in promoting accessibility and inclusion,” said Gabrielle Bugat, CEO at G+D Mobile Security.
“Through reliable payment solutions, we need to enable access to the financial world for all. Our goal is to work with all industry players to bridge the gap that currently exists. And ensure that no one is left behind when making payments.”
