Saturday, September 5th, 2020
Visa Inc.’s survey conducted in June 2020 shows that the majority of consumers would purchase from merchants offering contactless payments. This article will tell you more about the study and help you with payment processing services.
Consumers for Contactless Payments
CNP (card-not-present) transactions for card networks surged during COVID-19. This can’t be said about CP (card-present) transactions, as S&P Global Market Intelligence reported.
Visa Inc.’s global Back to Business study conducted in June 2020 revealed that millions of shoppers would opt for a new payment method to respond to the crisis. 78% of consumers had made changes to the way they were making purchases. Here are some more stats:
- In the U.S., eCommerce rose by 30% among active Visa cards in retail and restaurants during COVID-19 as compared to the period before COVID-19.
- Over 2/3 of customers were ready to shop from merchants offering contactless payment services.
- More than ¾ of consumers had already changed their paying habits because of the virus-related situation. Taking into account the current developments in payments, you should be particular about the merchant processing services you’re choosing.
To weigh your options and come up with the right payment processing services for your own financial needs, consider working with a reliable payment specialist like BestPaymentProviders.com. Best Payment Providers U.S. offers merchants the most trustworthy review of processors at the time of writing.
So, no matter, you’re searching for contactless payments or any other credit card processing service, Best Payment Providers U.S. can help you find the safest and cheapest solutions to grow your business. BestPaymentProviders.com pays special attention to contracts, rates, and fees so you can be sure to enjoy an exceptional deal.
- Contactless payment options were among the top safety measures to apply for nearly 46% of consumers.
- 48% of consumers wouldn’t make purchases from shops where they couldn’t avoid contact with cashiers.
- 75% of small businesses felt positive about the future.
- 52% were most worried about a revenue drop.
- 46% were most concerned about attracting new customers.
- 22% of merchants had to cut salaries to overcome the existing financial challenges.
To sum up, the demand for contactless payment methods has been growing worldwide in recent years. It accelerated even more because of COVID-19. So find the right merchant processor to work with to get the best for your business needs.
Topics discussed in this article:
- Contactless Payments