Has COVID-19 Changed Consumer Payments Behavior Globally? Yes, Visa Data Indicates
8-6-2020
A new global survey of consumers from ETA member Visa has found that most consumers and small businesses have changed their payments behaviors to adjust to the ongoing COVID-19 pandemic.
According to Visa, 67 percent of small businesses have made changes to their business model and payments acceptance options to keep their businesses on track during COVID-19. Further, 78 percent of consumers have changed the way they pay in order to reduce contact when purchasing goods and services.
Consumers noted several changes to their payments and shopping behavior, including shopping online when possible (49 percent), using contactless payments (48 percent), and not using cash (46 percent). Nearly three in four global consumers (70 percent) have used a new shopping or payment method for the first time, including 26 percent who used contactless payments for in-store payments.
“Consumers are putting COVID-19 safety measures at the top of their shopping lists and rewarding businesses that do the same,” said Suzan Kereere, global head of merchant sales and acquiring, Visa said in a press release about the survey. “Historically, we see behavior change at the point of sale as a gradual shift over time. But, COVID-19 has created an immediate need for safer, more efficient shopping experiences both on and offline and consumers are responding by rapidly migrating to digital commerce. We want small businesses to know that Visa is here to help them navigate these new consumer needs and expectations, which will make their businesses stronger now and in the long run.”
According to the survey, which was conducted in the U.S., Brazil, Canada, Germany, Hong Kong, Ireland, Singapore and UAE, contactless payments are a differentiator for businesses in every market. Sixty-three percent of consumers said they would switch to a new business that installed contactless payments options. Just under half (46 percent) of global consumers said using contactless payments methods is an important safety measure for stores to adopt.
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About ETA
The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $6 trillion in purchases in the US and deploying payments innovations to merchants and consumers. Learn more: www.electran.org.
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