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Data for today’s episode is provided by Mercator Advisory Group’s Report: 2021 North American PaymentsInsights: U.S. COVID-19 Update and GPR Prepaid Cards Update
Changes in Banking Behavior Since the Start of the Pandemic:
- 16.6% of consumers withdraw cash from an ATM less than they did before the pandemic, while 17.7% do so more.
- 14.2% of consumers deposit checks at an ATM less than they did before the pandemic, while 15.3% do so more.
- 13.4% of consumers deposit cash at an ATM less than they did before the pandemic, while 15.8% do so more.
- 7.7% of consumers use online banking through their primary FI via a computer less than they did before the pandemic, while 25.8% do so more.
- 7.1% of consumers use mobile banking through their primary FI’s app for activities other than deposits less than they did before the pandemic, while 23.9% do so more.
- 7.8% of consumers deposit checks via their primary FI’s app by taking a picture of the check less than they did before the pandemic, while 21.7% do so more.
About Report
Mercator Advisory Group’s most recent report, 2021 North American PaymentsInsights: U.S. COVID-19 Update and GPR Prepaid Cards Update, summarizes the effects of COVID-19 on the payments industry: how the market reacted to the pandemic, what impact it had on the payments industry, and its effect on credit card payments. In addition to providing insights into the state of the payments industry during the pandemic, the report also showcases data on general-purpose reloadable (GPR) cards: what consumers think about prepaid cards and which incentives make consumers more inclined towards certain types of these cards.
The report is based on the North American PaymentsInsights survey administered between August 27 and September 14, 2021, across a representative sample of 3000 consumers ages 18 years or older in the U.S. and 1000 consumers ages 18 years or older in Canada.
“Through the survey data, we have seen some interesting influences of COVID on the increased consumer use of online and mobile banking in comparison to the use of ATMs.” stated Pragya Khanal, an analyst working on the report.
