New Research: Consumers Want Contactless and Digital Payments Due to COVID-19

Rapyd conducted a survey online in August 2020 to determine how the COVID-19 pandemic had impacted US consumers’ preferences for cash and digital payments.

We found that consumers are more eager than ever for merchants to adopt digital payment methods. Coronavirus has raised health and safety concerns around using cash and coins and has accelerated the pre-existing trend toward digital transactions.

Our findings include:

54% of consumers surveyed are concerned about handling paper money/coins as a result of COVID
60% plan on using digital/touchless payments instead of cash/coins in the future because of COVID
32% want to see paper money/coins phased out in the future because of COVID
45% would like to see pennies phased out/eliminated
30.5% want to see all coins phased out
81% have heard about the US coin shortage

The pandemic has become a catalyst accelerating the trend toward a cashless society. More than half of consumers are planning on using digital and touchless payments as a result of COVID-19, and nearly a third want paper money and coins phased out entirely. Merchants need to take note now and begin implementing the payment methods and technologies that will meet consumer expectations and improve checkout experiences in stores and online.

Is Your Business Ready to Meet Changing Consumer Preferences?

Forrester research data drives this unique guide to post-COVID consumer behavior.

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Mark Stiltner

Mark Stiltner is a finance and fintech writer. From educating independent investment advisors on retirement plan management to helping families maximize their savings to educating businesses on global payment preferences, Mark has spent over a decade researching and educating audiences on complex financial topics. Mark has been a contributing author on blog articles and educational content for the Bank of Colorado, Pinnacle Bank, TD Ameritrade, First Data and Rapyd.