Consumers are increasingly adopting touch-free ways to pay, according to a global study by Mastercard conducted in 15 markets. Contact-free and digital payments are continuing to gain ground and show no sign of going away, even after the pandemic is over, according to research from the firm.
“Almost seven in 10 consumers say the shift to digital payments will likely be permanent, and nearly half of consumers plan to use cash less, even after the pandemic subsides, according to a Mastercard weekly survey launched April 27,” Mastercard said in a blog post.
The post notes that since the pandemic began, nearly half (46 percent) of respondents in Asia Pacific say they are using cash less often, while two-thirds of Latin American consumers say they are using cash less or not at all. In Europe, which already had the highest adoption of contactless payments of any region, 64 percent say tap-and-pay is now their preferred way to pay in-store.
Mastercard’s research Recovery Insights: Shift to Digital report finds e-commerce has also reached new heights. Mastercard SpendingPulse, which measures retail sales across all payment types including cash and check, shows that United States e-commerce spending grew by 93 percent year-over-year in the month of May. And in April and May, e-commerce as a share of total retail sales reached 33 percent in the United Kingdom—an unprecedented high, according to Mastercard.