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North America POS Payment Methods 2020 and COVID-19’s Impact


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Countries Covered: Canada, USA

Pages: 44

Publication Date: 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.

1. Management Summary

2. Global Developments

  • COVID-19 Impact on POS Payment, August 2020
  • Omnichannel Payment Trends, August 2020
  • mPOS Payment Trends, August 2020
  • Total Retail Sales Value Loss Worldwide, by Region incl. North America, in USD billion, 2020f Compared to 2019
  • Total Retail Sales, in USD billion, and Breakdown by E-Commerce and Non-E-Commerce, in %, 2019 & 2020f
  • Changes in Consumer Payment Behaviors Due to COVID-19, in % of Adults, June 2020
  • Share of Consumers in Selected Countries Who Decreased Their Use of Cash for In-Person Payments During COVID-19, in %, by Selected Countries, June 2020
  • Change in Usage of Selected Omnichannel and Contactless Shopping Methods Compared to Before COVID-19, in % of Consumers, July 2020
  • Contactless Payment Limit Increase Due to COVID-19, by Selected Countries, May 2020
  • Average Transaction Value of Contactless Payments at POS, in USD, 2019 & 2024f
  • Changes in Use of Payment Methods by Consumers in Selected Countries During COVID-19, incl. Share of Consumers Who Increased and Who Decreased Their Use, in %, and Net Change, May 2020
  • Proximity Mobile Payment User Penetration, in % of Smartphone Users, by Selected Countries, 2019e
  • mPOS Transaction Value, in USD billion, 2019 & 2024f

3. North America

3.1. USA

  • Ownership of Payment Accounts and Instruments, in % of Adults, 2018 & 2019
  • Number of Consumer Payments for Purchases and P2P Payments per Month, by Payment Method and Type, 2018 & 2019
  • Breakdown of Payment Methods Used, by Retailer Type, in % of Consumers, August 2019
  • Precautions Taken by Consumers Due To COVID-19 When Shopping In-Store, in % of Consumers, March 2020
  • Share of Consumers Who Prefer To Shop for Groceries In Stores With Touchless Self-Checkout Or Robust Self-Checkout Options or Frictionless Micro-Markets, in %, April 2020
  • Change in Usage of Selected Omnichannel and Contactless Shopping Methods Compared to Before COVID-19, in % of Consumers, July 2020
  • Share of Consumers Feeling Unsafe Due to COVID-19 When Shopping In-Store, by Type of Store, in %, and Measures That Would Make Consumers Feel Safer In-Store, in %, July 2020
  • Consumers Who Tried Contactless Payments for the First Time During The Pandemic, in % of All Consumers, and Consumers Who Would Keep Using Contactless Payments After The Pandemic, in % of First-Time Users, March 2020
  • Perceived Importance of the Contactless Feature in Credit Cards, in % of Consumers, by Pre COVID-19 and on March 3, 2020
  • Number of Proximity Mobile Payment Users, in millions, and Penetration, in % of Smartphone Users, 2018- 2023f
  • Number of Proximity Mobile Payment Users of Apple Pay, Google Pay and Samsung Pay, in millions, 2019e
  • Top 3 Digital Wallets, by Payment Channel, in % of Digital Wallet Users, August 2019
  • Contactless Payment Method Acceptance by Small Businesses, in % of Small Businesses With A Physical Location, 2019 & 2020
  • Top Priorities for Retail POS Technology at the Start of 2020, in % of Retailers, July 2020
  • The Impact of COVID-19 on POS Technology Investment Plans, in % of Retailers, July 2020

3.2. Canada

  • Most Trusted Payment Methods, in % of Internet Users, 2019
  • Share of Consumers Using Cash Less Due To COVID-19, in %, April 2020
  • Attitudes to Contactless Payments During COVID-19, in % of Consumers, April 2020
  • Mobile Payment Apps Used, in % of Smartphone Users, 2019
  • Alipay.com Co. Ltd.
  • Amazon.com Inc
  • Apple Inc
  • Google Payment Ltd.
  • JPMorgan Chase & Co
  • Paypal Inc
  • Samsung Electronics Co Ltd
  • Tencent Holding Ltd.
  • Visa Inc.

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