One year later, digital payments are keeping money moving
Consumer behavior is changing how businesses sell during the global pandemic
Your money, your way — The tech revolution that changed the ways we pay
Due to the pandemic, digital payments have experienced several years of progress in just one year, driving a global change in how consumers shop, socialize, and receive funds.
People around the world can’t stop tapping
Contactless payments skyrocketed as more in-person shoppers sought to avoid touching payment terminals. To enable touchless and secure pin-free purchases, governments in more than 60 countries raised spending limits.
Merchants went multi-dimensional — to meet you online, at the curb and at your door
The lines between the digital world and real-life shopping became blurred as merchants switched on capabilities like online ordering, digital invoicing and curbside pickup to limit contact and help keep customers safe. More than four in five (85%) of surveyed consumers expected digital options when they shopped in-person4 and small businesses scrambled to get their products online to stay operational.
Money’s moving in real-time* — between friends, family and business worldwide
Peer-to-peer payments continue to grow in popularity as more consumers are realizing the ease-of-use, convenience and speed this payment technology offers.
Governments took advantage of digital to get stimulus payments to their citizens. In the U.S. alone, millions of Americans received prepaid debit cards in the mail to make purchases in-stores, pay bills, take out cash or even “push” electronic money to others via person-to-person (P2P) app. The Dominican Republic sent relief funds to 770,000 families using virtual payment credentials in partnership with Visa and issuer bank Banreservas.
Digital is here to stay
As the world starts to reopen in the coming months, it’s clear shoppers will continue clicking, tapping, swiping and moving money thanks to the power of digital. Nearly 70% of surveyed consumers intend to keep buying online for store pickup post-pandemic8 and only 16 percent say they would revert to their old methods of payments post-pandemic4. Digital technologies are here to stay to enable the global recovery and “return to normal” after the pandemic subsides.
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*Actual fund availability depends on receiving financial institution and region
1 VisaNet Data, December 2020; 2 VisaNet Data, February 2021; 3 MTA Data, subway and bus ridership for 2019; 4 Visa Back to Business Study, 2021 Outlook, Global Small Business and Consumer Insights; 5 VisaNet Data, FY2020; 6 Visa Government Payment Card Program; 7 Visa FY2020 Annual Report; 8 McKinsey & Co. Covid-19 U.S. Consumer Pulse Survey of 1,063 adults conducted Sept. 18-24