Shoppers prefer payment options other than cash
The payment preference of consumers at the point of sale is being transformed by the COVID-19 pandemic. Over three-quarters of shoppers queried in a wide June 2020 survey cited in the yStats.com report indicated that they have changed the way they pay during the health crisis. The main change is toward the reduced use of cash, as consumers in many markets worldwide report using paper and coin currency less for a variety of reasons, including concern that cash may spread the virus. Among the alternatives to cash, a significant share of consumers in multiple markets report a preference for contactless methods of payment.
Mobile payment one of the alternatives seeing growth
Besides the traditional credit and debit card payments, one of the alternative payment methods seeing a spurt during the pandemic is proximity mobile payment. The acceptance of mobile wallets by merchants as well as consumers was already growing before COVID-19 hit the world and has been accelerated by the outbreak. The yStats.com report also tells of the growth of other alternative payment methods such as use of QR codes through a smart device, and the contactless practice of select and pay online, pick up at store.
The trend away from cash is global
Though the move away from cash is a global phenomenon, there are some country and regional variations. China was a leader in mobile payments before the pandemic, and mobile wallets usage continued in the second quarter of 2020 as the country emerged from the peak of the crisis. Japan had been a bastion of cash transactions in-store before COVID, but QR or barcode payments have increased there. In the USA, more than three out of five surveyed consumers reported using cards more during the pandemic to avoid touching cash, according to the yStats.com report. The publication also includes data on the major economies of Europe that have seen the shift away from cash in payment preference during the health crisis.
Publication Date: 22/09/2020
Regions Covered: Asia-Pacific
Countries Covered: Australia, China, India, Japan, South Korea
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Up to ten regional employees of an organization may access and download the report
Up to ten global employees of an organization may access and download the report
Publication Date: 15/09/2020
Regions Covered: Europe
Countries Covered: France, Germany, Russia, UK
One individual may access and download the report
Up to ten regional employees of an organization may access and download the report
Up to ten global employees of an organization may access and download the report
Publication Date: 17/06/2020
Regions Covered: Asia-Pacific - Global - Asia - Europe - Africa - North America - Latin America - Middle East - South America - Malaysia
Countries Covered: Argentina, Australia, Brazil, Canada, Chile, China, Colombia, Czech Republic, Egypt, France, Germany, India, Indonesia, Israel, Italy, Japan, Kenya, Malaysia, Mexico, Poland, Russia, Saudi Arabia, Singapore, South Africa, South Korea, Spain, Thailand, Turkey, UAE, UK, USA
One individual may access and download the report
Up to ten regional employees of an organization may access and download the report
Up to ten global employees of an organization may access and download the report
Publication Date: 05/06/2020
Regions Covered: Asia-Pacific - Europe - Africa - North America - Latin America - Middle East
Countries Covered: Argentina, Australia, Belgium, Brazil, Canada, China, Czech Republic, Egypt, France, Germany, India, Indonesia, Israel, Italy, Japan, Kenya, Malaysia, Mexico, Poland, Russia, Singapore, South Korea, Spain, Sweden, Taiwan, UAE, UK, USA
One individual may access and download the report
Up to ten regional employees of an organization may access and download the report
Up to ten global employees of an organization may access and download the report