Study shows consumers worldwide opting for touch-free, secure and seamless ways to pay
The way we shop is changing. With constraints imposed on our daily lives due to COVID-19, consumers are adopting new payment habits at an accelerated pace, according to a global study by Mastercard conducted in 15 markets. Consumers are increasingly moving away from cash and opting for contact-free and digital payments experiences – and they don’t expect to go back. E-commerce is also seeing a surge, with Mastercard SpendingPulse reporting record growth rates across the globe as consumers increasingly shop online.
As our payment behaviors evolve, two notable trends emerge in our research:
Since the pandemic began, nearly half (46%) 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 largest adoption of contactless payments of any region, 64 percent say tap and pay is now their preferred way to pay in-store.
“While no one could have predicted the state of the world we’re in today, it has reinforced the necessity for us to continue evolving the consumer payment experience to meet the consumer wherever they are,” says Jorn Lambert, Executive Vice President, Digital Solutions. “We’ve been focused on building our Digital-First capabilities for years, which have enabled this accelerated shift to digital payments – it’s unlikely consumers will revert to old payment habits.”
Building the Foundation for the Future of Payments
From a simplified online checkout experience to an in-store tap on a contactless terminal, Mastercard is leveraging its insights and technology, forging critical partnerships and driving innovation to ensure a solid foundation to deliver the future of payments.
"Amidst an incredibly challenging time for individuals, for communities and for businesses, we’re seeing sparks of change brought upon by the growth of digitally-savvy consumers and businesses embracing technology that will enable a swifter, more secure future,” Lambert added.
Mastercard proprietary study conducted between April 27-May 17, 2020 among adults 18+. 6,750 interviews were conducted across 15 countries: Australia, Brazil, China, Colombia, France, Germany, India, Italy, Spain, Japan, Mexico, Russia, United Arab Emirates, United Kingdom, and The United States of America.
*E-commerce sales are sales of goods and services where the buyer places an order, or the price and terms of the sale are negotiated over an Internet, mobile device (M-commerce), extranet, Electronic Data Interchange (EDI) network, electronic mail, or other comparable online system. Payment may or may not be made online.
 About Mastercard SpendingPulse
Mastercard SpendingPulse™ reports on national retail sales across all payment types in select markets around the world. The findings are based on aggregate sales activity in the Mastercard payments network, coupled with survey-based estimates for certain other payment forms, such as cash and check. As such, SpendingPulse™ insights do not in any way contain, reflect or relate to actual Mastercard operational or financial performance, or specific payment-card-issuer data.
About Mastercard (NYSE:MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.