COVID-19 Accelerates Shift to Cashless Society

A recent survey shows that the COVID-19 pandemic is accelerating the move to digital banking. More and more people are turning to online, mobile, and contactless payments to avoid the use of paper money. The move by many banks to limit in-person visits in an effort to minimize the spread of COVID-19 has been a major factor in the acceleration.

What does this look like:
We have all read how millennials are driving the movement to digital banking and cashless shopping, but, when it came to this topic, the survey proved interesting. It wasn't really a surprise that 45% of consumers have changed the way they interact with their banks. What was surprising was that Baby Boomers led the way, followed by Gen Xers, Millennials, and Gen Zers. Social distancing has also pushed the movement to mobile wallets and contactless payment methods. While 45% of consumers have used mobile payment wallets, the number of consumers using cash or checks dropped to 16%. Another key finding was that 40% of those surveyed preferred online shopping as compared to in-store shopping.

What to remember:
As they say in business meetings, “What are the take-aways?” The biggest take away is that the COVID-19 pandemic accelerated a movement towards digital banking, payments, and shopping. The movement was already there, the pandemic just brought it into the spotlight.

What's next?
The good news for you as a DataWeld customer is that everything needed to take advantage of this movement is already in place. Online shopping, online payments, and cashless payment options are all mature products ready to be implemented.

Give Andi Striegel a call if you would like to get on the band wagon and offer customers cashless payments and digital shopping. Andi can be reached by phone at 318-317-7977 or by email at andi@dataweld.com