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Fintech & Ecommerce

Half of consumers to use cash less after the pandemic – Mastercard

Jun 19, 2020

Mastercard has conducted this study across 15 markets worldwide

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Half of consumers to use cash less after the pandemic – Mastercard. Source: pixabay.com

According to research, nearly 7 in 10 consumers are likely to permanently shift to digital payments, whereas half of them will use less cash after the pandemic.

Along with that, 46% of respondents in the Asia Pacific say they are using cash not that often, while 2/3 of Latin American consumers are using cash less or not at all.

As to Europe, 64% of respondents say tap and pay is now their preferred way to pay in-store.

The report has also found that e-commerce has reached new heights. For instance, the US e-commerce spending grew by 93% year-over-year in May. And in April and May, e-commerce as a share of total retail sales reached 33% in the UK.

While no one could have predicted the state of the world we’re in today, it has reinforced the necessity for us to continue evolving the consumer payment experience to meet the consumer wherever they are. We’ve been focused on building our Digital-First capabilities for years, which have enabled this accelerated shift to digital payments – it’s unlikely consumers will revert to old payment habits
Jorn Lambert, Executive Vice President, Digital Solutions

We’ve reported that Crédit Agricole Bank Polska has announced the launch of a cash-free banking branch in Warsaw. The new branch doesn’t have a counter for depositing or withdrawing cash. Customers can carry out such transactions in a self-service area fitted out with?ATMs.

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