The COVID-19 pandemic and measures imposed to limit the spread of the disease have had a significant impact on the Philippine economy. A high unemployment rate and generally weaker economy have led to a fall in consumer spending during 2020. Restrictions on the operations of the travel, retail and foodservice channels, key areas of consumer...
The most obvious impact of the COVID-19 pandemic on financial cards and payments in the Czech Republic was the acceleration seen in the transition away from cash and towards card payments. 2019 was the first year during which cards payment transactions value exceeded ATM transactions value in the country and after this watershed year, the...
Although transaction value growth had been relatively anaemic in recent years in current value terms, it had, at least, been positive. In 2020, this has changed, with consumer payments expected to record quite a marked decline. Card transactions will have fallen over the course of 2020, although cash transactions, already on a downward trajectory...
With consumers in China already accustomed to using financial cards through third party payment platforms or direct electronic payment in many scenarios, this meant that they were well prepared in terms of using this technology during the COVID-19 pandemic and the lockdowns implemented to contain its spread. The COVID-19 outbreaks in the country...
The COVID-19 dynamic had a strong impact on all categories of financial cards and payments during 2020. In general, consumer spending was under pressure for much of the year as many households sought to avoid all unnecessary spending due to the hostile and uncertain economic environment that unfolded over the course of the year. This suppressed...
Overall consumer expenditure in Romania has been negatively impacted by the COVID-19 outbreak and consequent widespread decline in demand for services, tourism and foodservice throughout the country. Consumer payments were already shifting away from cash before the pandemic, in line with ongoing technological development and rising demand...
Numerous interesting trends emerged in Peru’s financial cards and payments industry as a result of the COVID-19 pandemic during 2020. The most important and influential of these trends was the substantial shift seen away from the use of cash and towards the use of financial cards in general. This trend needs to be assessed within the context...
Overall consumer expenditure in Austria has been negatively impacted by the COVID-19 outbreak and consequent widespread decline in demand for services, tourism and foodservice throughout the country. Consumer payments were already shifting away from cash before the pandemic, in line with ongoing technological development and rising demand...
Taiwan moved swiftly to contain COVID-19 and this appears to have paid dividends with far fewer cases and deaths recorded compared to comparable-sized markets. As such, the government has not felt compelled to introduce such strict restrictions as seen elsewhere, with this allowing consumers to spend more freely. Nonetheless, overall transactions...
Cash remains the most popular form of payment in Nigeria due to the large unbanked population, in addition to a fear of electronic fraud association with a high illiteracy rate, particularly amongst the lower-income members of society, coupled with poor infrastructure in some areas of the country including insufficient point of sale terminals...