Munich, 1 June 2023 – Providing frictionless customer experiences is a top priority in the finance industry, helping to make payments easy for everyone. With the world’s rapidly aging population, 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, and the company 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. While an estimated 1.3 billion people – or 16% of the global population – are affected by a significant impairment today, 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, which is 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 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, but also take an important step in visibly demonstrating their ESG (environmental, social, and governance) commitments in the social field. G+D’s More Accessible Payments solutions 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 to society, 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 required for a fixed keypad or POS machine.
Since COVID-19, the adoption of mobile banking and payments among the older population has increased significantly. A study by Capgemini found that adoption of digital payments increased by 37% in the 61 to 65-year age group and by 33% in the over 66-plus age group. Here, financial institutions can foster accessibility by placing customer needs at the center of UX design. Netcetera, a strategic partner of G+D, within the ToPay Mobile Wallet solution, can offer plenty of support to improve the usability for senior customers, with accessible user interface design considering layout, typography, and color contrast.
"As we move towards a digital and diverse society, payment methods must be simple, convenient, and secure for all," emphasizes Gabrielle Bugat, CEO at G+D Mobile Security, heading G+D’s Card & Digital Payments business. "Technology has a crucial role to play in promoting accessibility and inclusion. 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."
G+D, together with Netcetera, will address the topic of More Accessible Payments in depth with banks and NGOs to drive further movements in social sustainability in the payment industry. G+D will be hosting a panel session on this topic at Money20/20 Europe in Amsterdam from June 6-8, 2023. More information: mobile-security.gi-de.com/more-accessible-payments
Giesecke+Devrient (G+D) is a global security technology group headquartered in Munich. As a trusted partner to customers with the highest demands, G+D secures the essential values of the world with its solutions. The company develops technology with passion and precision in four major playing fields: payment, connectivity, identities and digital infrastructures.
G+D was founded in 1852. In the fiscal year 2022, the company generated with more than 12,600 employees a turnover of 2.53 billion euros. G+D is represented by 103 subsidiaries and joint ventures in 33 countries. Further information: www.gi-de.com
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Source: Company press release.