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Deloitte recently revealed that the issuance of contactless debit and/or credit cards, promotion of online or all-digital wallets, and the installation of POS devices with contactless capabilities have all gone up considerably since the COVID outbreak.
The main drivers of ongoing development in this particular space include the following: The growth of the digital economy has resulted in an increase in card-based payments and the introduction of many different digital payment solutions; Companies looking to take payments online and keep track of and process transactions that integrate with physical or brick-and-mortar store systems; Service providers looking for ways to innovate with new payment solutions in order to retain merchant clients; PitchBook data shows that paper money experienced an accelerated decline in usage (as of the third quarter of last year). Payments company Square revealed that cash-based transactions fell to 33% of all purchases made during Q3 2020 from 41% in Q3 2019—which represents a decline that might have taken up to 3 years if there had not been a COVID outbreak.
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