Global POS Payment Methods 2020 & COVID-19’s Impact

Global POS Payment Methods 2020 & COVID-19’s Impact

  • September 2020 •
  • 106 pages •
  • Report ID: 5965006 •
  • Format: PDF
The global shift away from cash payments at POS

The spread of COVID-19 speeds the acceptance of alternatives to cash

The COVID-19 health crisis has affected the payment preferences at point of sale for shoppers around the world.

A survey cited in the publication indicates that a large double-digit share of consumers worldwide has changed their POS payment practice because of the pandemic. One of the changes is the avoidance of cash, which is considered by some as a vector of the virus. Contactless payments are among the preferred alternative methods, also motivated by the pandemic.

Smartphones offer payment options

The use of a mobile device when paying is increasing globally, as the pandemic increases acceptance of the practice. The use of mobile wallets stored in a smartphone or the QR or barcode reader of the device for payment are among the top trends detailed in the new publication.

The move away from cash is widespread

While there was a general trend toward decreased use of cash before the coronavirus crisis, this event has accelerated the trend throughout the world. The reports provides details on the share of cash and its alternatives in major and developing economies, including the figure that cash payment accounted for around only a quarter of all retail payments in two advanced markets of the Asia-Pacific region even before the pandemic. In North America as well as Europe, the health crisis has spurred the movement away from cash payments.

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