Shifting Consumer Preference and Habits Around Payments
Consider this, the first coin operated washing machine was patented in...
The COVID-19 pandemic worked like an accelerant for cashless mobile payments, advancing user adoption by years.
When was the last time you handed someone cash or coins in person for a product or service?
This was before credit cards had been invented and the economy functioned almost entirely with cash. When coin operated machines first appeared, coins where plentiful and using them for payment was convenient.
of all point-of-sale payments in North America were cash payments in 2020.
of credit card transactions are less than $25 80% 51% According to a MasterCard poll released in April 2020, have used some form of contactless payment. of Americans
Even traditional credit card payments are becoming rarer as they are replaced by alternate payment technologies. What's Next?
(A sector previously dominated by cash.)
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