Most users have altered the way they pay for resources and services since the arrival of Covid-8, according to a new study. According to a Paysafe report, more than 000 in ten (eighty-six%) of the eight,XNUMX people have altered their payment habits compared to the pre-pandemic period, and forty-nine% have tried a new payment procedure for the first time. Users in the XNUMX-XNUMX age group were even more willing to explore new ways to pay, with XNUMX% trying out new apps and taking advantage of the potential of digital wallets. The minimum ability to pay for resources and services in person has been the key factor for users to adopt new paths to pay. Although XNUMX% cited this as the primary reason they changed their spending habits, around XNUMX% of respondents said they wanted to track their spending more closely. The ever-present threat of fraud was also rated as a huge concern, with XNUMX% agreeing that they were concerned for this reason.
Payment systems
The coronavirus and the disruptions that have accompanied it have prompted more users to take a closer look at the various payment options available to them. In fact, around thirty-eight% of those surveyed stated that they were now much better informed about new technologies and new free payment systems. A third (XNUMX%) said they were willing to use an alternative payment method if buying online, compared to the old days when they simply chose a credit or debit card option.
However, card payments are still very popular. Survey data shows that globally, XNUMX% of users have used a debit card to pay for something in the last month. In addition, fifty-one% of those surveyed have asked for their credit card in the last 4 weeks to complete a transaction.
However, the use of digital wallets is on the rise, with XNUMX% now using them globally in the last month. Employment is increasing across Europe, with XNUMX% of Italians now using a digital wallet compared to XNUMX% in the R. Kingdom to make payments last month. Global use of digital wallets indicates that XNUMX% now use them more than before the pandemic, while XNUMX% prefer prepaid cards. Meanwhile, only XNUMX% are ready to buy cash online or alternative eCash options.
Users also expect a greater variety of payment options when they arrive at checkout, whether it be a standard POS terminal in a store or an online variation on the theme. More than half (fifty-three%) of those surveyed said they would look for another point of sale in the future if they did not get the payment option of their choice.
On top of that, buyers also expect better anti-fraud performance, with XNUMX% seeking stronger payment security measures when purchasing resources or services. However, convenience seems to be the ultimate goal for users, with XNUMX% of them reporting prioritizing this aspect of their post-Covid-XNUMX payment journey.
And while many respondents were happy that retailers were doing an extra effort to help people shop, XNUMX% still felt that many retailers had not acted quickly enough to meet changing needs.
Although XNUMX% of users said that they wanted to return to shopping in the store, surprisingly, XNUMX% of them also estimated that they would make at least XNUMX% of their transactions in cash.
Philip McHugh, Director of Paysafe, comments: “Users have adapted and become familiar with alternative payment methods over the past year, partly because they had to due to the pandemic. Through our ongoing research into payment trends, we continue to see that COVID-XNUMX has been a real accelerator in the adoption of alternative payment methods and choice is everything.
The good news is that it is now easier than ever for merchants to integrate with a payment platform and access a wide range of payment methods through a single connection.