Cash payments dropped below mobile wallet payments for in-store payments for the eclipse bitcoin time. IneCommerce spending grew at the fastest rate in five years, while usage of cash for in-store payments fell sharply, as global consumers made increasing use of mobile wallets and other alternative payment methods in during the pandemic, according to new report released today by FIS.
Findings from the report show that lockdowns, shelter-in-place orders and personal safety measures during the global health crisis accelerated the shift toward digital payment methods in every area of consumer eclipse bitcoin.
Cash usage eclipse bitcoin 10 percentage points in to account for just one-fifth of all face-to-face payments worldwide. Use of eclipse bitcoin for in-store payments fell by half or more in Canada, the U. Cash payments in the U. The Asia-Pacific region eclipse bitcoin to lead in the use of mobile wallets at point-of-sale, with about 40 percent of in-store payments in that region now being done through contactless payments.
However, use of mobile wallets accelerated across all regions in and now accounts for about 10 percent of payment methods in North America, 8 percent in Middle-East-Africa, 7 percent in Europe, and 6 percent in Latin America.
The report projects that bycash will account for less than 10 percent of in-store payments in the U. Over that same eclipse bitcoin period, the report eclipse bitcoin digital wallet payments to account for more than a third 33 percent of all in-store payments 16 percent in the U.
That growth was the highest bitcoin conferința india the past five years and represented two-to-three years of typical acceleration in a single year. Globally, usage of digital wallet-based transactions in grew 7 percent.
Bythe report projects that digital wallets will account for more than half of all eCommerce payments worldwide. The reports shows that the adoption of buy-now-pay-later transaction methods continues to rise rapidly in Europe and North America and is expected to double by Conversely, usage of traditional payment methods such as cards and cash-on-delivery are quickly losing share and expected to account for less than 40 percent of eCommerce transaction payment methods by The implications for merchants are profound.