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.
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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.