As well as triggering a surge in e-commerce and online banking, COVID-19 is fundamentally changing the way we pay. A survey by Mastercard* reports that in February and March of this year, almost eight out of ten consumers globally preferred the additional convenience and peace of mind that contactless payments bring by speeding up the checkout process and minimising the need to touch shared payment devices.
Without a doubt, the pandemic has increased the use of contactless payments in markets where it was already commonplace, and stimulated it in newer ones. And with almost three-quarters of people stating they will continue to use contactless when things get back to normal, this trend seems here to stay.
Wearable payment technology pioneer McLEAR has teamed up with PIF to explore payments in a pandemic and the trends emerging from 2020.