Description
Countries Covered:Â Canada, USA
Pages:Â 44
Publication Date:Â 29/09/2020
Questions Covered in the report:
- What are the precautions taken by consumers when shopping in-store in North America during the COVID-19 pandemic?
- What is the share of consumers in the North American countries who feel unsafe when shopping in-store due to the COVID-19 crisis?
- How did the COVID-19 outbreak affect the usage of selected omnichannel and contactless shopping methods in North American countries?
- What is the share of consumers using cashless payments due to COVID-19 in North America?
- How did the COVID-19 outbreak impact on POS technology investment plans in North America?
Key Findings:
Amidst the COVID-19 pandemic, contactless payment for in-store shopping in North America is increasing
North America is further digitalizing payment methods for in-store shopping during the COVID-19 pandemic
The payment preference of consumers at the point of sale is being transformed by the COVID-19 pandemic. The shift to digital payments from cash has accelerated even further due to the nature of the health crisis. According to the yStats.com report, a double-digit percentage of consumers preferred using touchless self-checkout payment in grocery stores. Furthermore, the reduction in the use of cash in North America is largely contributed to the concern that the use of cash may spread the virus. Among the alternatives to cash, various payment methods are used by consumers in North America including cards, and mobile wallets.
The COVID-19 crisis further strengthened the trend of contactless mobile payments in North America
Besides the traditional cash payment methods, one of the alternative payment methods that North American countries increased during the pandemic was contactless mobile payments. The acceptance of contactless payments by merchants as well as consumers was already growing before COVID-19 hit the world and has been accelerated by the outbreak. One of the examples is also included in the yStats.com report that indicates that half of the small businesses in the USA with a brick-and-mortar store surveyed in 2020 accepted Apple Pay. This trend further increased as a notable percentage of consumers in Canada used contactless cards or mobile payments more often when buying in-store, during the pandemic.
North American consumers use less cash since the COVID-19 outbreak
Though the move away from cash is a global phenomenon, there are some country and regional variations. The US had been adopting cashless payments before the pandemic, and this trend advanced during the COVID-19 health crisis. Furthermore, according to the yStats.com report, a significant share of consumers decreased the use of cash payments during the ongoing health crisis. The publication also includes data on various payment trends in North America before and during the COVID-19 crisis.
