2020, has been a historical year for many reasons. Globally, humanity as a whole has had to make adjustments in the way they consume products & services. This extraordinary shift has led to a change in buying habits, purchasing decisions, and methods of payment overall.
Since Covid-19, there has been an increase of 30% new contactless card users, and 70% of those are expected to continue use after Covid-19 subsides.¹ The adoption rate of contactless cards has been growing. In March of 2019, pre-Covid, 59% of consumers viewed contactless cards as something they would need to have. This number grew by 8% by March 2020.²
Card not present transactions such as over the phone, fax, mail, or internet continues to steadily increase year over year. From 2015 to 2018 remote payments increase from 3% from the previous year.³ According to the 2019 Federal Reserve Payment study, there were a total of 33.5 Billion remote transactions in 2018.³
Cash vs. Credit
A cashless society is not a phrase without substance. Each year there are more debit and credit transactions than cash transactions. Usage increased by 8.9% every year from 2015 through 2018.³
In a consumer study by the Federal Reserve Bank of San Francisco, researchers confirmed in 2018 74% of all transactions were made by a form of payment other than cash.4 In the same study, they found that 90% of transactions of over $25 were paid by card.4
What the numbers tell us
Offering multiple methods of payment acceptance and various streams of doing business will help expand your reach and increase customer satisfaction. Typical ways of conducting business are no longer black and white. There are businesses across all industries seeking out new and innovative ways to grow their business. Today’s environment is heightening the sense of urgency for flexibility. Whether it’s delivery, curbside pickup, online ordering, or contactless payments, businesses across the globe have had to extend their normal business practices.
Solutions for your business
- An online store where customers can purchase through various methods of payment.
- Smart devices that integrate with your business systems to allow payments at the time of delivery or at the curbside.
- Wireless terminals which offer the freedom of accessibility
- Contactless payments