COVID is shaping payments worldwide

The pandemic has changed how we work, learn and interact with each other. Undeniable is the effect of the COVID-19 crisis on retail as a whole and payments in particular. Consumers used to go shopping on the 5th avenues of the world, paying with their preferred payment methods. Today, there is a screen and online-shopping. This results in a completely new order with respect to the shoppers’ preferred ePayment methods worldwide. Why the latter is NOT ture, becomes clear in our infographic.

In general, we can summarize that there are no big changes in the ranking of the preferred payment methods. But that the preferred payment methods can strengthen their position worldwide: Open invoice is growing among the top three payment methods in Germany and Switzerland along E-Wallets. In China, Alipay and WeChat Pay are now by far the consumers’ preferred choice, while card payments are performing even better in Brazil and Russia. According to the research agency Kantar, 80% of the shoppers are now making at least half of their purchases online. We are convinced that this COVID-19 accelerated trend will eventually turn into a sustainable shopper behavior, more industries will build and existing industries will expand their digital offer. The right mix of ePayment methods already is a strategic instrument with a strong impact on basket size and check-out-conversion. With the growing share of eCommerce, it now should be on the agenda of every CFO.

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