The payments industry is changing due to the impact of COVID-19



The payments industry is changing as businesses and consumers move from cash to digital payment methods.

The COVID-19 pandemic has spurred the digitization of the payments industry two to three years faster, as lockdowns, restrictions and health concerns have turned daily life upside down and change consumption habits.

The payments industry is changing as businesses and consumers move from cash to digital payment methods.  Bank cards dominate in-store retail, but e-wallets like Apple Pay are gaining popularity and paving the way for the future of payments.

The payments industry is changing due to the impact of COVID-19

Businesses and consumers move from cash to digital payment methods. / ph: pexels

In-store payment methods are down more than 3% in 2020 but still hold the majority of sales.  Debit and credit cards continue to lead this segment, while the use of cash and checks is gradually declining.  The volume of payments through credit cards is predicted to grow from $1,750 billion in 2019 to $1,820 billion in 2024.

And the trend of contactless shopping is predicted to bring in-store mobile payment methods ahead in the coming years.  The volume of short-range payments on mobile devices has grown to $131.36 billion, according to Insider Intelligence estimates, as the number of users of major digital wallets surged to a record in 2020.

At the same time, e-commerce will prevail over traditional in-store retail, as smartphones attract an increasing proportion of digital shopping.  Digital applications are gradually replacing cash in the daily lives of users of all generations, as they have become more attractive and useful than ever.

Online retail sales surged to $794.50 billion, accounting for a record high share of 4.4% of total retail sales in the US in 2020, especially thanks to increased shopping activity on smartphones and mobile devices.

The payments industry is changing due to the impact of COVID-19

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