North America POS Payment Methods Report 2020: COVID-19 Has Increased the Use of Digital Payment Methods

Research and Markets
·5-min read

Dublin, Oct. 30, 2020 (GLOBE NEWSWIRE) -- The "North America POS Payment Methods 2020 and COVID-19's Impact" report has been added to ResearchAndMarkets.com's offering.

This report provides a detailed insight into the changes taking place in the North American region regarding the practices of in point of sale payments, including the acceleration of the trend away from cash due to the pandemic.

Digital payment trends for in-store shopping in North America have accelerated due to the COVID-19 Pandemic

Since the COVID-19 outbreak, North American shoppers have altered their payment preferences. Multiple sources cited in the publication indicate that a large share of consumers in this region have changed their POS payment practice because of the pandemic. One of the changes is the avoidance of cash, which is considered by some as a vector of the virus. Contactless payments are among the preferred alternative methods, also motivated by the pandemic. Furthermore, a significant share of consumers in the US preferred touchless self-checkout payment when doing groceries.

Consumers in North America have increased the use of contactless mobile payments during the COVID-19 pandemic

The use of contactless payments is increasing rapidly in North America, as the pandemic increased the acceptance of this practice. The use of contactless mobile payments in North America is one of the top payment trends detailed in the study. This report also reveals the notable percentage of consumers in Canada that used a contactless card or mobile payment during the health crisis.

Payments made via cash are decreasing in North America due to the COVID-19 pandemic

While there was a general trend of using cashless payments in North America before the coronavirus crisis, this event further accelerated this practice. The report provides details on the shift from cash to other alternatives in North America during the COVID-19 crisis. The report also indicates the significant percentage decline in the use of cash in North America, during the on-going COVID-19 outbreak.

Key Topics Covered:

1. Management Summary

2. Global Developments

  • COVID-19 Impact on POS Payment, August 2020

  • Omnichannel Payment Trends, August 2020

  • mPOS Payment Trends, August 2020

  • Total Retail Sales Value Loss Worldwide, by Region incl. North America, in USD billion, 2020f Compared to 2019

  • Total Retail Sales, in USD billion, and Breakdown by E-Commerce and Non-E-Commerce, in %, 2019 & 2020f

  • Changes in Consumer Payment Behaviors Due to COVID-19, in % of Adults, June 2020

  • Share of Consumers in Selected Countries Who Decreased Their Use of Cash for In-Person Payments During COVID-19, in %, by Selected Countries, June 2020

  • Change in Usage of Selected Omnichannel and Contactless Shopping Methods Compared to Before COVID-19, in % of Consumers, July 2020

  • Contactless Payment Limit Increase Due to COVID-19, by Selected Countries, May 2020

  • Average Transaction Value of Contactless Payments at POS, in USD, 2019 & 2024f

  • Changes in Use of Payment Methods by Consumers in Selected Countries During COVID-19, incl. Share of Consumers Who Increased and Who Decreased Their Use, in %, and Net Change, May 2020

  • Proximity Mobile Payment User Penetration, in % of Smartphone Users, by Selected Countries, 2019e

  • mPOS Transaction Value, in USD billion, 2019 & 2024f

3. North America

3.1. USA

  • Ownership of Payment Accounts and Instruments, in % of Adults, 2018 & 2019

  • Number of Consumer Payments for Purchases and P2P Payments per Month, by Payment Method and Type, 2018 & 2019

  • Breakdown of Payment Methods Used, by Retailer Type, in % of Consumers, August 2019

  • Precautions Taken by Consumers Due To COVID-19 When Shopping In-Store, in % of Consumers, March 2020

  • Share of Consumers Who Prefer To Shop for Groceries In Stores With Touchless Self-Checkout Or Robust Self-Checkout Options or Frictionless Micro-Markets, in %, April 2020

  • Change in Usage of Selected Omnichannel and Contactless Shopping Methods Compared to Before COVID-19, in % of Consumers, July 2020

  • Share of Consumers Feeling Unsafe Due to COVID-19 When Shopping In-Store, by Type of Store, in %, and Measures That Would Make Consumers Feel Safer In-Store, in %, July 2020

  • Consumers Who Tried Contactless Payments for the First Time During The Pandemic, in % of All Consumers, and Consumers Who Would Keep Using Contactless Payments After The Pandemic, in % of First-Time Users, March 2020

  • Perceived Importance of the Contactless Feature in Credit Cards, in % of Consumers, by Pre COVID-19 and on March 3, 2020

  • Number of Proximity Mobile Payment Users, in millions, and Penetration, in % of Smartphone Users, 2018- 2023f

  • Number of Proximity Mobile Payment Users of Apple Pay, Google Pay and Samsung Pay, in millions, 2019e

  • Top 3 Digital Wallets, by Payment Channel, in % of Digital Wallet Users, August 2019

  • Contactless Payment Method Acceptance by Small Businesses, in % of Small Businesses With A Physical Location, 2019 & 2020

  • Top Priorities for Retail POS Technology at the Start of 2020, in % of Retailers, July 2020

  • The Impact of COVID-19 on POS Technology Investment Plans, in % of Retailers, July 2020

3.2. Canada

  • Most Trusted Payment Methods, in % of Internet Users, 2019

  • Share of Consumers Using Cash Less Due To COVID-19, in %, April 2020

  • Attitudes to Contactless Payments During COVID-19, in % of Consumers, April 2020

  • Mobile Payment Apps Used, in % of Smartphone Users, 2019

Companies Mentioned

  • Alipay.com Co. Ltd.

  • Amazon.com Inc.

  • Apple Inc.

  • Google Payment Corp.

  • JPMorgan Chase & Co.

  • PayPal Inc.

  • Samsung Electronics Co. Ltd.

  • Tencent Holdings Ltd.

  • Visa Inc.

For more information about this report visit https://www.researchandmarkets.com/r/xzpmis

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