Digital payment method adoption has grown significantly during the COVID-19 outbreak, according to Research and Markets.
Consumers’ payment behavior is changing as a result of the coronavirus outbreak, according to the report, adds the research group. Nearly 50% of global shoppers were using digital payments more than before the pandemic, and the majority plan continues doing so after the virus is contained.
E-Wallets and contactless cards are the top payment methods benefitting from this change, as consumers use less cash and make more purchases online. In an international survey cited in the report, close to three-quarters of respondents found that contactless was a cleaner way to pay, notes research and markets.
When purchasing on E-Commerce websites during the pandemic, global consumers mainly use credit cards and digital wallets, although there is also a strong variation in the way shoppers in different countries pay online. For example, more than two-thirds of digital buyers in Canada chose to pay by credit card when shopping online during the outbreak, while UK buyers preferred debit cards and those in Italy opted for digital wallets like PayPal.
Payment security was the top criterion applied by online shoppers when selecting their top payment method, according to an April 2020 survey, notes Research and Markets.