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.
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Contactless payments adoption to increase 6-8% globally compared to pre-COVID projections
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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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