Society as a whole has been migrating to digital over the last ten years, from the way we watch television to how we shop and pay bills. The pandemic did not highlight this move— it exacerbated it. Now, perhaps with no other choice, consumers are handling most of their business online or via a mobile app. While there was no concrete case made for the benefit of digital payments (for all purchases, even groceries) versus traditional methods prior to COVID-19, the value has now become overwhelmingly clear.
With stay-at-home orders in effect and fear over the potential contamination of public spaces, the fact that more people turned to the internet for their basic needs is not surprising. It’s estimated that 78% of consumers have altered their paying habits to minimize contact. Other numbers illustrate just how dramatic of a shift that consumers have made in such a short time. Since March, cash usage has declined significantly and contactless point-of-sale payments have increased; one survey cited as many as 88% are now utilizing a digital wallet. According to a recent survey, automated payments have jumped 7% and over 67% of consumers are showing a preference for digital payments. In fact, mobile shopping alone in the first quarter of 2020 surpassed all of the 2019 holiday shopping season. And…
There’s no indication that consumers will revert their payment behaviors post-pandemic.
Studies on human behavior state it only takes 66 days on average for a new behavior to become automatic. This means most consumers, those who hadn’t already largely adopted digital payment methods prior to COVID, had mentally made the switch sometime in May of this year. Considering that experts are now estimating we can anticipate distancing and lockdown efforts to continue through June of 2021, we can assume most, if not all, of consumers would have had ample time to make their behavior change permanent. This means…
Digital payments are not the future, they are already the norm.
Professional Credit clients benefit from a variety of technology tools that meet modern demands for digital payment and engagement. From our omni-channel communication strategy to our online account management portal and mobile app, consumers have a wealth of secure digital service options at their fingertips.
Learn more about our digital strategy here.