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.