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Global POS Payment Methods Report 2020: Spread of Covid-19 Speeds the Acceptance of Alternatives to Cash

Research and Markets
·4-min read

Dublin, Oct. 05, 2020 (GLOBE NEWSWIRE) -- The "Global POS Payment Methods 2020 & COVID-19's Impact" report has been added to ResearchAndMarkets.com's offering.

This report covers the global payment market with a focus on Point of Sale (POS) payment, or in-store payment. It includes information related to payment methods used at POS, omnichannel payment trends, mobile POS (mPOS), and proximity mobile payment trends. In addition, information related to the impact of the coronavirus (COVID-19) on in-store payments worldwide is included in this report.

The global health crisis because COVID-19 has affected the payment preferences at the point of sale for shoppers around the world. A survey cited in the publication indicates that a large double-digit share of consumers worldwide 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.

Smartphones offer payment options

The use of a mobile device when paying is increasing globally, as the pandemic increases acceptance of the practice. The use of mobile wallets stored in a smartphone or the QR or barcode reader of the device for payment is among the top trends detailed in the new publication.

The move away from cash is widespread

While there was a general trend toward decreased use of cash before the coronavirus crisis, this event has accelerated the trend throughout the world. The report provides details on the share of cash and its alternatives in major and developing economies, including the figure that cash payment accounted for around only a quarter of all retail payments in two advanced markets of the Asia-Pacific region even before the pandemic. In North America as well as Europe, the health crisis has spurred the movement away from cash payments.

Report Coverage

  • The report focuses on retail payments. Information about B2B or P2P payments was not included. While in-store payment is the main topic of this publication, some sources cited in the report included both remote and in-store payments in their definition of retail payments.

  • The report includes data mostly published in the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.

Report Structure

  • The global chapter opens the report, featuring an overview of global POS payment developments. The latest trends and developments are summarized on the text charts and international data highlights are provided on quantitative charts.

  • The rest of the report is divided by regions presented in the descending order of total retail sales. Within each region, the countries are grouped by advanced and emerging markets, where applicable, and ranked by total retail sales.

  • Depending on data availability, the following types of market information are included: value and/or volume of in-store payments, breakdown of in-store (or total retail) payments by payment method, payment methods used in-store (survey-based rankings), payment methods accepted in-store, POS payment trends (e.g.,

  • omnichannel, mPOS), information related to proximity mobile payments (e.g., in-store mobile payment usage, in-store mobile payment acceptance), COVID-19's impact on in-store payments.

  • Not all the mentioned types of information are provided for each of the covered countries due to varying data availability.

Global Development

  1. COVID-19 Impact on POS Payment, August 2020

  2. Omnichannel Payment Trends, August 2020

  3. mPOS Payment Trends, August 2020

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

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

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

  7. 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

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

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

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

  11. 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

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

  13. mPOS Transaction Value, in USD billion, 2019 & 2024f

Companies Mentioned

  • Afterpay Ltd

  • Alphabet Inc

  • Ant Financial Services Co Ltd

  • Apple Inc

  • PayPal Inc

  • Samsung

  • Tencent Holdings

  • Visa Inc

For more information about this report visit https://www.researchandmarkets.com/r/l8gis7

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

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