The payments industry has never stood still, but the conversations at this year’s PAY360 expo signalled something more significant than incremental change.
Across banks, fintechs and payment providers, there is a clear shift underway. Card programmes are no longer being viewed as operational infrastructure. They are increasingly seen as strategic assets – capable of driving growth, shaping customer experience and unlocking new revenue streams.
For us, exhibiting again this year, that shift was reflected not just in the agenda, but in the conversations happening on the stand.
What emerged were a set of interconnected themes that point to where the market is heading next.
Card-as-a-Service moves from concept to commercial reality
Card-as-a-Service (CaaS) was one of the most prominent talking points at PAY360, and notably, the conversation has matured.
The focus is no longer just on speed to market or reducing operational complexity. Instead, issuers are thinking more strategically about control, flexibility and long-term scalability.
Our CaaS solution is designed for fintechs and new issuers that want to launch and scale a card programme through a single, integrated provider. Rather than assembling multiple third-party relationships, clients can access the full stack in one place – card manufacturing, personalisation, processing, BIN sponsorship and IBAN capability – with the flexibility to take what they need and the ability to scale over time. For clients that want to retain control of their programme and customer proposition, that flexibility is built in, without the complexity of managing multiple provider relationships. We simply provide the infrastructure to power it.
This approach changes the dynamic. It enables organisations to:
• Launch card programmes in a matter of weeks, not months
• Scale across markets without rebuilding infrastructure
• Introduce new features and capabilities over time
• Integrate seamlessly with digital ecosystems and customer journeys
But more fundamentally, it allows issuers to retain control over how their card programme evolves.
This was evident in the level of interest at our stand, where CaaS generated strong engagement from both fintechs and established financial institutions looking to modernise their approach.
Premiumisation: the physical card as a growth lever
While digital payments continue to grow, one of the key takeaways from PAY360 was the continued power of the physical card.
Our display of card products became a natural focal point, with delegates consistently drawn to the opportunity to see, handle and explore different card formats and features in person.
In particular, metal cards stood out. Far from being a niche or purely aesthetic choice, metal cards are increasingly being used as a strategic tool to:
- Differentiate in competitive markets
- Drive customer acquisition
- Support premium and paid account tiers
- Reinforce brand perception and loyalty
This reflects a broader trend across the industry: premiumisation is no longer optional for brands looking to stand out.
Our own roadmap reflects this shift, with ongoing investment in metal card innovation, including laser-engraved personalisation and the use of post-consumer recycled stainless steel, balancing premium feel with sustainability considerations.
The strong interest in these products at PAY360 reinforces a key point: the physical card remains a critical part of the customer experience when it is designed and deployed strategically.
Security in the age of AI-driven fraud
Alongside growth and experience, security remains a central concern, and one that is rapidly evolving.
A major theme at PAY360 was the rise of AI-enabled fraud, and the increasing sophistication of threats facing both issuers and consumers.
In response, the industry is accelerating investment in advanced security technologies. Biometric cards, in particular, attracted significant attention on our stand, demonstrating the growing appetite for solutions that combine strong authentication with ease of use.
At the same time, advancements in chip technology are playing a critical role. Features such as tokenisation-ready chips, enhanced EMV security capabilities, and improved encryption and authentication protocols are enabling issuers to strengthen security without compromising on customer experience.
The direction of travel is clear: security must become both more robust and more seamless – not a trade-off between the two.
Personalisation and data-driven experiences
As expectations rise, so too does the demand for more personalised, responsive payment experiences.
Across conversations at PAY360, there was a clear focus on how card programmes can better reflect individual customer needs – from tailored financial products to more intuitive spending and credit solutions.
Technologies such as advanced analytics, permissioned open finance data and behavioural modelling are enabling more dynamic and responsive card programmes.
For issuers, this presents an opportunity to move beyond one-size-fits-all offerings and towards more targeted, value-driven propositions.
The bigger picture: card programmes as strategic infrastructure
Taken together, these trends point to a broader transformation. Card programmes are no longer static products. They living, evolving platforms – expected to adapt to market shifts, technological change and customer expectations.
That shift has significant implications. It changes how programmes are designed, how quickly they need to evolve, and what issuers should expect from their partners.
This is where our focus lies – as a leading card provider to challenger banks, operating across more than 140 countries, we support organisations across the full card lifecycle – from design and manufacturing through to personalisation, fulfilment and Card-as-a-Service delivery.
With some of the fastest lead times and highest service levels in the industry, the focus is not just on issuing cards, but on enabling clients to build card programmes that are flexible, scalable and future-ready.
Looking ahead
If PAY360 highlighted anything, it is that the payments landscape is entering a new phase. One defined by greater complexity, higher expectations and faster pace of change.
For issuers, the opportunity is significant, but so is the need to adapt. Because the question is no longer simply whether you can launch a card programme. It’s whether that programme can differentiate, scale, evolve, and deliver value over time
Those that can will lead the next phase of the market.
We’re already working with banks and fintechs navigating these shifts. If you’d like to benchmark your approach or sense-check your strategy, we’d be glad to share what we’re seeing in the market.
