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Cashless payments were on the rise before the pandemic hit, and now, eight months into its grip on the U.S., their use is accelerating even faster. As these electronic payments and the services associated with them proliferate, particularly due to the pandemic and the incoming presidential administration, the financial world is changing rapidly.
“We've seen a very long running trend of migration of payments behaviors from consumers from paper based forms of payments to electronic, and cards have certainly been an important manifestation of that,” Vosburg said. “That's something that is only accelerated and accelerated in pretty dramatic ways over the course of this year as consumer behavior has changed so dramatically in the face of the pandemic.”
