Snynet Solution Logo
MON - SUN: 10 AM - 6 PM
+60 11 5624 8319

Blog

Consumers ditching conventional cash for digital wallets

Image Description

The use of digital wallets has grown considerably during the coronavirus outbreak, with many consumers now preferring contactless payments and 'hands-free' transactions over conventional cash.

New research by payments platform Paysafe, operator of digital wallet service Skrill, has revealed that 43% of those questioned had reduced traditional cash transactions. Some 32% stated that they’re increasingly using digital wallets to cover bills, pay for goods and services and transfer money overseas.

Paysafe’s research included responses from 8,000 consumers across the UK, US, Canada, Germany, Austria, Bulgaria and Italy. Nearly half (48%) of those questioned stated that they won’t be going back to using conventional cash for payments in the future, with more looking at buying online in order to avoid handling notes and coins.

Digital wallets

Lorenzo Pellegrino, CEO of Skrill, comments: “COVID-19 continues to be a catalyst for change across the whole payments industry. Consumers seem to be switching to digital offerings, signalling a definite shift in consumer preference for truly frictionless payment methods. Even as cash-based money transfer options reopen, preferences towards digital options, induced by the pandemic, are unlikely to subside.”

He continued: “A digital remittances solution such as Skrill Money Transfer is far more cost effective than a traditional bank transfer and has become an essential resource for people across the globe during the COVID-19 crisis. As consumer confidence and awareness of the benefits of digital international remittances continues to grow this may well represent a permanent evolution for the remittances industry.”

Digital wallets are increasingly popular with many high-profile companies launching them including the likes of American Express, Apple, Microsoft and Samsung.

Date

06 Aug 2020

Sources


Share


Other Blog

  • Google Pay users in India get new privacy features - What are they?

    Google Pay gives users a 'toggle on and off' button, which allows users to prohibit sharing of their transaction data, preventing it from bringing user personalization in terms of offers and experiences on the app.

    Read More
  • Presidents' Day sales are dropping M1 MacBook deals down to their lowest prices yet

    M1 MacBook deals are not only returning to some record low prices this week, but the Space Gray model is also seeing the same discounts for the first time ever.

    Read More
  • Taboola announces multi-billion merger and plans IPO

    Taboola is merging with ION Acquisition Corp in an effort to fast track its planned IPO.

    Read More
  • Major open source projects abandon Freenode following hostile takeover

    Former staff accuse new Freenode owners of hostile takeover, forcing them to leave and create a rival network.

    Read More

Find Out More About Us

Want to hire best people for your project? Look no further you came to the right place!

Contact Us