How COVID-19 Is Reshaping Consumer Payments: Study

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How COVID-19 Is Reshaping Consumer Payments: Study

05/13/2020
38% of consumers surveyed said they will rely on food delivery services and take-out more often than they did before the pandemic.

The COVID-19 pandemic are altering the way Americans bank, pay and shop on an unprecedented scale and with rapid speed, according to a survey released by financial services technology provider FIS.

FIS surveyed more than 1,000 American consumers about the ways they are paying and banking amid social distancing and stay-at-home actions taken across the U.S. since the COVID-19 outbreak. The pandemic has accelerated the digital transformation of banking and commerce, and that these adjustments likely will not be temporary but rather mark a new normal in consumer behavior in a post COVID-19 marketplace.

The New Normal: Contactless

The FIS survey also found that consumers are flocking to mobile wallets and contactless payment methods to avoid the exchange of paper money or checks during the current pandemic. Forty-five percent of survey respondents said they are using a mobile wallet of some type and 16 percent indicated they are now using paper-based currency less than before the pandemic. Additionally, 31%of respondents said they would use contactless or mobile wallet payments instead of cash and checks in the aftermath of COVID-19.

More than 45% of respondents (Gen X, Millennials, Boomers)  stated they have changed how they interact with their bank since the outbreak of the pandemic. 

 

Other notable survey findings:

  • 40% said they will shop online more in the future than in store
  • 38% said they will rely on food delivery services and take-out more often than they did before the pandemic

These survey findings are consistent with internal data that FIS has seen within its own client base. In mid-April, when the first U.S. Federal stimulus payments were going out to American taxpayers, FIS saw a more than twofold surge in first-time consumer usage of mobile banking apps by its clients.

FIS will be hosting a webinar to share further insights on the survey findings on June 24th. Please visit here to register for the session.