Digital payments increase amid COVID-19

New Ideas in MarketingEssential news for marketers, summarised by YouGov
January 19, 2021, 5:41 AM UTC

Businesses employ contactless payments to provide safety at point-of-sale (POS).

Small businesses are now implementing new forms of in-store contactless payments in response to the pandemic, as per the recent Visa Back to Business study. The report found 82% small businesses using  contactless payment options, compared to 20% in June 2020.

As small businesses digitise operations, products and services sold online (43%), acceptance of contactless payments (39%), targeted ads on social media (38%) have also increased. When asked about the future of their business, 82% were optimistic, as opposed to 7% during the summer.

Additionally, consumers (65%) will use contactless payments even more than they currently do or before, and 47% will avoid shopping at stores without contactless. Baby boomers at 58% are more likely to appreciate contactless payments compared Gen X at 48%, and millennials at 47%.

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