“In 1653, a 12-foot wooden wall protected New Amsterdam’s assets,” says David Anderson, Co-Founder and Co-CEO of Karta Gift Cards. “That wall became Wall Street. Today, we are making an equivalent leap, transforming the traditional card bureau into a high-frequency digital exchange.” 

It is a striking analogy, but an effective one. The history of financial security has always been a story of evolution. What began as a literal physical barrier eventually gave way to organized trading, then to electronic systems and, ultimately, to the high-speed digital infrastructure that powers modern markets.  

According to Anderson, the card industry is now undergoing a similar transformation, moving away from a model rooted in static physical defense and toward one built for speed, intelligence and ongoing digital exchange. 

To understand the scale of that change, it helps to look back at the foundations of the industry. Anderson points to 1958 as a defining moment, when Bank of America’s BankAmericard mass mailing in Fresno, California helped usher in the modern credit era. Combined with the deregulation that followed, that period established the operating environment that shaped card issuance and bureau services for decades. 

“Our industry was built on what I would call static defense,” Anderson explains. “Secure rooms, vaults and physical perimeters defined how we protected value.”  

From the first gift cards processed by early pioneers such as NaBanco to the rise of major processors like First Data, the industry developed a model centered on physical production, controlled fulfillment and dependable infrastructure. It was a framework that supported growth for generations and met the needs of an era when the card was primarily a physical object. 

But that model is beginning to change. 

“Just as the stock market moved from paper tickets to algorithms, our bureau model is moving from plastic in a press to credentials in the cloud,” Anderson says.  

In her view, the industry is entering its “smartphone moment,” driven by the ability to embed a secure element, essentially a miniature computer, into every card. 

This development has major implications for what a card can be.  

First, it makes the card more dynamic. Rather than existing as a one-time, static product, the card becomes a living credential, capable of unlocking new use cases over the air through software embedded in the chip. That creates new flexibility for issuers, brands and program managers seeking to keep pace with changing consumer expectations. 

Second, it changes the nature of security itself.  

“Security is migrating from the vault to the cloud and the chip,” Anderson says.  

That migration reshapes the traditional bureau model, turning it into a higher-frequency platform for transaction, identity and ongoing engagement rather than simply a facility for secure physical output. 

The third shift may be the most significant. Anderson argues that the industry is now making the same leap capital markets made decades ago: from precision physical output to cloud-enabled agility. That means success in the future will depend not only on manufacturing excellence, but also on the ability to think of the card as a platform rather than just a product. 

That does not erase the importance of earlier technologies. Magstripes and barcodes, Anderson notes, have served the industry extremely well. They helped build the ecosystem that made modern card programs possible. But as payments, identity and branded experiences continue to evolve, the card must evolve with them. 

“By treating the card as a platform rather than a physical object, we can ensure the next 30 years of branded currency are as dynamic as the markets they power,” Anderson says. 

It is a vision that reflects a broader shift taking place across the industry. The traditional bureau is no longer defined only by controlled environments and physical security. Increasingly, it is becoming an exchange: agile, connected and capable of supporting a new generation of secure, flexible card experiences. 

See This Topic Live at the ICMA EXPO 

To learn more, attend “From Origins to Innovation: The Evolution of Cards” presented by David Anderson and Clare Kinsey, Co-Founders & Co-CEOs of Karta Gift Cards, at 1:30 p.m. on April 20 at the ICMA EXPO. Their session will explore how the industry is evolving and what that means for the future of cards. 

Why ICMA Membership Matters  

ICMA remains committed to empowering the global card manufacturing community by helping members lead, innovate and grow. Through a strategic combination of industry marketing support and professional development, ICMA equips organizations and individuals with the tools they need to stay competitive in a rapidly evolving marketplace. 

ICMA’s professional development programs are designed to strengthen both technical expertise and leadership capability. Offerings such as on-demand Advanced Card Education (ACE) and the Card Industry Training & Education (CITE) initiative help professionals deepen their knowledge, while flagship events like the EXPO and CardTREX bring together industry leaders to learn, connect and explore emerging innovations. 

Members who engage in ICMA’s education programs and events don’t just keep pace with change—they help shape it. From contributing thought leadership to Card Manufacturing magazine to earning industry recognition through the Élan Awards of Excellence, ICMA provides meaningful opportunities for members to elevate their visibility and influence. 

For card industry professionals seeking to stay informed, connected and future-ready, ICMA offers a clear path forward through education, exposure and community. 

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