Paying without cash continues to grow at a pace.... Three reputable bodies have detailed the sea change in their reports over the past year.
" Cash transactions fell by 69% year-over-year globally in 2020 as consumers pivoted to digital payment channels due to the pandemic, according to a McKinsey and Company’s Global Payments report of 2020. Only 28% of all transactions were done in cash in 2020 in the U.S. compared to 51% in 2019, the report stated. https://mck.co/35yUkoR
“Nearly half of the consumers (48%) in the U.S. said they would not shop at a store that offers only payment methods requiring contact with a cashier or shared machine like a card reader,” making it essential for businesses to offer alternative payment methods, according to a Visa study published last year.
"NFC payment use has increased over the past year. Digital commerce spending via NFC mobile retail payments, QR code payments and digital banking bill payments are expected to reach $11.6 trillion by the end of 2021, compared to $10.5 trillion in 2020, according to a recent Juniper Research report. Mobile commerce transactions will jump to 79% of all digital commerce transactions by 2025 compared to 71% in 2021 the report stated.https://bit.ly/2ScsSdE
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