Last year, several changes occurred in the payment behavior of consumers. Most notably, the number of non-cash transactions jumped dramatically, and contactless payment methods (especially relevant with the ongoing pandemic) have become a new standard. But as the pandemic subsides, what does this mean for the future?
In short, the majority of consumers (65%) globally now prefer contactless payment solutions, and only 16% indicate a desire to return to payments as usual. Moreover, e-commerce, once considered a mere convenience, has become a new way of shopping for many, as evidenced by a 14% global increase in e-commerce activity. This means that online marketplaces are now must-haves, especially for small- and medium-sized businesses. This rise in online activity will also help boost online security services as all businesses will become more attentive to online security issues to keep their customers safe and happy.
We are truly getting closer to a cashless future.