Once the domain of luxury cardholders, metal cards have evolved into a global phenomenon. Ironically, one of the driving forces behind this momentum has been the rise of digital payments—prompting more consumers to seek out a tangible payment device that conveys prestige. A mix of cultural and behavioral factors is also fueling the worldwide demand for metal cards.
In a recent PaymentsJournal webinar, IDEMIA Secure Transactions’ Kate Eagle, Head of Growth and Innovation, Payment Services, and Hennie Duplessis, SVP of Payments Services, MEA, along with Brian Riley, Director of Credit and Co-Head of Payments at Javelin Strategy & Research, discussed the drivers of metal card adoption across different markets and the lessons global issuers can draw from regional trends.
Singing the Right Song
The global metal card market has been growing at leaps and bounds. Although regional dynamics vary, several overarching trends are shaping the industry.
Competition has intensified as more players enter the space. The rise of fintechs, telcos, cryptocurrency wallets, and embedded finance providers has prompted many financial services companies to rethink their strategies.
Amid this surge in digital payment options, there has been ongoing debate about whether digital payments will eventually replace physical cards altogether. Yet rather than signaling the end of physical cards, this evolution has reshaped consumer preferences.
“The need to stand out and differentiate is becoming increasingly important because the competition is changing, and the competition is growing,” Eagle said. “The context is very different now. If you look at the digital influence in the world, metal cards have got the unique ability to go viral. If you go to Instagram and type in metal payment cards, it’s everything from unboxing experiences to talking about the perks that you get with certain cards.”
“Whether it’s the travel perks, the loyalty rewards, or the concierge services, these are all projecting an aspirational lifestyle,” she said. “It’s not just reflecting a high-net-worth or an ultra-high-net-worth lifestyle, but it’s singing the right song to the people that have got this aspirational lifestyle that want to be able to show off.”
While the appeal of metal cards is nearly universal, certain aspects resonate more strongly in specific markets. For instance, in many Middle Eastern countries, metal cards have long been associated with prestige and trust—qualities that hold particular importance for consumers in the region.
“Markets like the UAE, the Kingdom of Saudi Arabia, Qatar, Kuwait, all are incredibly competitive when it comes to payments,” Duplessis said. “These are complex, layered societies where financial needs and expectations differ quite a lot—not just by wealth—but also by things like cultural background, status, professions, religion, and lifestyle.”
“Over the last five to 10 years, banks in the region have become very sophisticated when it comes to how they segment their customers,” he said. “They’ve moved away from these wealth tiers to include things like behavior and digital adoption and different kinds of insights. It’s quite an interesting dynamic and we see a lot of potential going forward.”
Carrying Weight Across Markets
Outside of the Middle East, less traditional markets like Pakistan, Southeast Asia, and several African countries have also become key players in the metal card zeitgeist.
“Let’s look at Pakistan,” Duplessis said. “It’s a country with a high level of financial exclusion, but the payment landscape is being transformed by digital banks and telcos. For the traditional banks to stay relevant within this fast-moving digital landscape, the conventional banks are using metal cards to get back some traction on getting customers.”
“Even in this market where you see that it’s very much a digital-first market, the physical plunk factor still matters,” he said. “The sound and feel of a metal card when it hits the surface, it does carry weight—literally and as a perception.”
In Southeast Asia, the tactile and premium feel of metal cards has been a major draw. Following the pandemic and its prolonged lockdowns, consumers in the region developed a strong appetite for tangible, sensory experiences, which has translated into growing demand for physical expressions of status and quality.
In Africa, the drivers have been quite different. Although the region is a diverse continent of over 50 countries, several overarching trends have shaped the rise of metal cards. It is home to one of the world’s youngest populations, with an average age well below many other regions. Urbanization continues to accelerate as more rural citizens move to cities, while rapid advances in digital infrastructure have further connected and empowered these young consumers.
Together, these factors have created a generation that is increasingly aspirational—seeking products and experiences that reflect both success and sophistication.
“These are all prime markets for standout metal cards that are coming bundled with rewards, tailored services, things that people can aspire to and show off,” Eagle said. “These are things they can share and use within their social media and for influencing, and for taking home to their families to show that they’ve achieved something in their lives.”
“It’s a significant shift away from metal cards just being for high-net-worth. It’s this targeted focus on segments that has been the key,” she said.
The One Piece of Real Estate
In contrast, card payments are the norm in the U.S., where credit and debit cards account for roughly $8 trillion in spending per year. Additionally, revolving credit card debt totals around $1.3 trillion, compounded by an average interest rate of 22%, creating a massive U.S. credit market.
This is the market where metal cards were born, and, in many cases, have become an expectation.
“For many of these high-net-worth people and those that are ultra-high, this is just table stakes,” Riley said. “This is what I expect out of a card, and I require it when I do business stuff. When you start looking at the development of luxury cards or high-ticket cards that exceed $300 and $400 in annual fees, that’s a basic core requirement. You don’t even think twice.”
Although metal cards are a core component of premium card offerings in the U.S., innovation in this space continues. There are now platforms that offer metal cards with various weights, compositions, and designs.
This personalization can have a dramatic impact in markets like the U.S., where physical card payments are prevalent. As consumers use their cards frequently, they develop a deeper connection with them.
“Payments are getting more digital every day, there’s no getting away from that fact, but the metal card holds a special place,” Duplessis said “There’s something powerful about this physical feel—the weight in your hands—and it signals trust, prestige, and belonging. It’s emotional; it’s not just functional.”
“Even if not entirely logical, many people still feel their money is somehow safer when there’s something tangible attached to it,” he said. “In a world where everything lives in the cloud, it’s that one piece of real estate that you have attached to the financial world.”
Because there are a range of reasons why global consumers are attracted to metal cards, financial institutions must consider these nuances when implementing their metal card strategies.
“What we’ve learnt over the years is that banks need to have flexibility in terms of what they can do with a metal card,” Eagle said. “What we’ve learnt is that we need to be able to offer a customizable metal card platform and not just a one-size-fits-all, where every metal card is the same composition with the same features.”
“Having this menu of things that you’re able to do with a metal card talks very well to the banks who want to be able to segment at a more granular level,” she said. “I’m in the UK, and we produce diamond-encrusted metal cards for royalty, and we have entry-level metal cards for the youth and aspirational segments. The point is that metal cards can serve many segments, not just the most privileged.”
The Origins of Money
One key lesson that financial institutions can take from global metal card adoption trends is the importance of customizability. Issuers should develop a portfolio that offers a variety of metal card designs, allowing them to differentiate between customer segments—from aspirational users to high-net-worth.
Financial services companies should take a tailored approach with the aspirational segment, which largely consists of younger consumers. These customers are more likely to join a waiting list and pay a premium for a distinctive metal card they can show off—especially if the card offers capabilities beyond traditional payments, such as digital or crypto functionality.
Rewards are another critical factor in the success of metal card programs. Banks should consider segmenting their loyalty offerings as well. For example, perks like fast-track concert tickets and concierge services may appeal to younger users, while older customers may prioritize air miles or cash-back rewards.
Banks that strike the right balance in their metal card programs can instill a sense of status, stability, and timelessness in their brands.
“It makes me think back to the origins of money, and what is a banknote?” Eagle said. “The original conception of a banknote was that it was a promise to pay. For me, that’s what (a metal card) is. It’s representing a promise—it’s a tangible link to your life savings or to your salary or to your ability to obtain credit and pay. it’s a promise to be able to live your life.”
“Everything the physical card represents is a lot more solid when it is, in fact, solid,” she said. “It’s a tangible direct link to the brand of the bank and the trust that we have in them, the promise that they are looking after our money safely, that they are going to pay, that they are going to back up all the things that we need to do in our daily lives. This is so important in this increasingly competitive financial services environment.”
