How a Pandemic has Changed Payment Needs and Preferences of the Global Consumer Shift in Consumer Behavior
Covid-19 marked a significant shift in consumer behavior. As retailers scrambled to fulfill social distancing needs customers began to demand more flexible contactless payment options. There was an increase in bank transfers and QR code usage across the globe but more importantly we saw a rapid demand for digital payments options like e-wallet payments including apple pay and google pay. As contactless payments moved to the forefront of consumer needs retailers began to see a rise in popularity of a new type of payment opportunity: Buy Now Pay Later (BNPL).