The COVID-19 pandemic has radically changed consumers’ attitudes and behaviors toward money and payments. A new study by PaymentsSource and American Banker details how the crisis significantly accelerated the adoption of some digital payment technologies — and has eliminated long-standing resistance to others.
Key findings include:
- Accelerated adoption of mobile wallets as preferred payment tools;
- Adoption of P2P platforms allowing payments and money transfer directly; and
- The embrace of contactless in the retail setting, years after its general adoption outside the United States.
Yet despite their embrace of these digital tools, consumers generally express more confidence in the offerings of traditional banks and financial players than those available from fintechs and other technology-driven newcomers.
PaymentsSource and American Banker subscribers can read the full report by clicking on the link above.