Demand for digital cards grew in 2020
Some financial institutions increased their issue by 50% in the pandemic year.
This was reported to the Izvestia newspaper by the St. Petersburg Bank and Rosbank. When issuing digital cards, banks save on the manufacturing of physical media. One card and its delivery costs a financial institution 1 thousand rubles on average, said Rustem Aminov, the Head of Card Products at PSB.
Credit institutions used special offers to stimulate the demand for virtual cards. For example, Home Credit Bank guaranteed 15% cashback for payments through Android, Apple and Samsung Pay.
Sberbank told the newspaper that 15% of customers who activated their cards online did not pick up the plastic media from the branches. Over 10% of cards are issued in digital format.