Digital payments are the new muscle memory. While many consumers still automatically reach for their plastic to shop and pay, the pandemic drove growth in digital wallets, as well as contactless QR and bar code POS transactions.
What started as a no-contact way to pay for merchandise during Covid-19, consumers realized the ease and speed of the payment transaction can make it their go-to method of payment. Merchants see higher revenue and also benefit by faster checkout throughput and less staff time spent on cash handling and management.
The following excerpt from a PR Newswire article reports more on the topic:
As consumer spending returns, a new report from global payments provider, Blackhawk Network, has found that the 2020 eCommerce surge created shopper affinity around the world for retailers that offer digital payments. The findings of the Global Digital Payments study1 were based on a survey of more than 13,000 respondents in nine countries which represent nearly half of the world’s card payment volume.
The report found that surveyed shoppers across all regions reported they spend more money and have a deeper connection with retailers that offer more digital payment methods. Across all regions, 69% of digital wallet users surveyed reported shopping more often since using a digital wallet, and 54% report spending more money at retailers where they can use digital payments.
“Shoppers continue to look for easier ways to tap into mobile wallets, digital gift cards, rewards and loyalty points, and as a result, are increasingly seeking retailers that have embraced digital and contactless payments,” said Theresa McEndree, global head of marketing, Blackhawk Network. “Our research shows that consumers around the world are drawn to retailers that offer fast, seamless and secure digital payments. As we start to hit more of a stride in our economic recovery, the winners will be the merchants that cater to the everyday digital payment preferences of today’s shopper.”
Overview by Raymond Pucci, Director, Merchant Services at Mercator Advisory Group