Dublin, Oct. 05, 2020 (GLOBE NEWSWIRE) -- The "Global POS Payment Methods 2020 & COVID-19's Impact" report has been added to ResearchAndMarkets.com's offering.
This report covers the global payment market with a focus on Point of Sale (POS) payment, or in-store payment. It includes information related to payment methods used at POS, omnichannel payment trends, mobile POS (mPOS), and proximity mobile payment trends. In addition, information related to the impact of the coronavirus (COVID-19) on in-store payments worldwide is included in this report.
The global health crisis because COVID-19 has affected the payment preferences at the point of sale for shoppers around the world. A survey cited in the publication indicates that a large double-digit share of consumers worldwide have changed their POS payment practice because of the pandemic. One of the changes is the avoidance of cash, which is considered by some as a vector of the virus. Contactless payments are among the preferred alternative methods, also motivated by the pandemic.
Smartphones offer payment options
The use of a mobile device when paying is increasing globally, as the pandemic increases acceptance of the practice. The use of mobile wallets stored in a smartphone or the QR or barcode reader of the device for payment is among the top trends detailed in the new publication.
The move away from cash is widespread
While there was a general trend toward decreased use of cash before the coronavirus crisis, this event has accelerated the trend throughout the world. The report provides details on the share of cash and its alternatives in major and developing economies, including the figure that cash payment accounted for around only a quarter of all retail payments in two advanced markets of the Asia-Pacific region even before the pandemic. In North America as well as Europe, the health crisis has spurred the movement away from cash payments.
Report Coverage
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The report focuses on retail payments. Information about B2B or P2P payments was not included. While in-store payment is the main topic of this publication, some sources cited in the report included both remote and in-store payments in their definition of retail payments.
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The report includes data mostly published in the previous 12 months. The exact date of publication of the source is stated on each chart. The time period which the data refers to differs by source.
Report Structure
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The global chapter opens the report, featuring an overview of global POS payment developments. The latest trends and developments are summarized on the text charts and international data highlights are provided on quantitative charts.
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The rest of the report is divided by regions presented in the descending order of total retail sales. Within each region, the countries are grouped by advanced and emerging markets, where applicable, and ranked by total retail sales.
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Depending on data availability, the following types of market information are included: value and/or volume of in-store payments, breakdown of in-store (or total retail) payments by payment method, payment methods used in-store (survey-based rankings), payment methods accepted in-store, POS payment trends (e.g.,
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omnichannel, mPOS), information related to proximity mobile payments (e.g., in-store mobile payment usage, in-store mobile payment acceptance), COVID-19's impact on in-store payments.
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Not all the mentioned types of information are provided for each of the covered countries due to varying data availability.