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November 10, 2020Blog Posts

Cash Is Out, Contactless Is In, and Changes in the Way People Pay Look Likely to Stay

Fiserv

The latest Expectations & Experiences consumer trends survey from Fiserv, Inc., a leading global provider of financial services technology solutions, reveals how people are adjusting their financial behaviors and preferences during the COVID-19 pandemic. Many consumers who have made changes to their payment habits anticipate the changes will be permanent, with initial indications bearing this out.

 One of the longest running surveys of its kind, Expectations & Experiences builds on years of consumer survey data to provide insight into consumer financial behaviors and attitudes. The latest survey was conducted by The Harris Poll among more than 3,000 consumers in August and September 2020. Several findings were compared to those from a May 2020 survey. Details from Expectations & Experiences: COVID-19 and Household Finances survey can be downloaded at fisv.co/ExpectationsExperiencesCOVID19.

 “How people spend, move and manage money is changing with our changing times and for many, those shifts will be permanent,” said Matt Wilcox, president, Digital Payments and Data Aggregation at Fiserv. “In a post-pandemic world, financial organizations and retailers will need a strong digital presence and the tools, resources and guidance to help people navigate new financial realities.”

Source

Looking for information about how COVID-19 has impacted the payments industry?

The Strawhecker Group (TSG) and Visa Consulting & Analytics (VCA) teamed up to survey a representative sample of U.S. consumers, and analyzed Visa’s proprietary spend data, with the goal of understanding how the COVID-19 pandemic has impacted consumer lifestyles, payments trends, and how behaviors may change after the pandemic.

Click here to download TSG and Visa’s infographic, Purchasing in a Pandemic.

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