CHICAGO--(BUSINESS WIRE)--daVinci Payments released a new national study identifying how people are making and receiving payments during shelter-in-place. The "Future of Payments" study, conducted May 29-30, 2020, pinpoints how Americans' payment habits have changed as a result of the pandemic, and the impact those changes will have on the 2020 holiday shopping season and beyond. Ultimately, COVID-19 has accelerated payments to be more digital, virtual and mobile for all ages.
“An overwhelming majority of people are connected, with 95 percent of survey respondents having connected devices and 85 percent having apps on their phones that can make payments. This supports the spike in online shopping and mobile payments driven by COVID-19 and is occurring across all ages,” explained daVinci CEO, David Josephs. “Traditional payment methods like credit, debit and prepaid cards are as popular as ever, but swiping physical cards themselves is giving way to new form factors like mobile wallets, apps and contactless payments,” Josephs added.
The following findings illustrate how Americans’ payment habits have changed in the current consumer landscape—and how they will continue into the future.
- 71 percent of respondents expect to do more than 50 percent of their 2020 holiday shopping online
- 65 percent of all respondents are currently doing more than half of their shopping online
- 57 percent do more than half of their online shopping via their mobile device
- 43 percent of all shopping is intended to be online for the holiday 2020 shopping season
- 36 percent of all shopping is online during COVID shelter-in-place, more than 2X where it was in 2019
- 38 percent of all online payments are on mobile devices
In addition to these key findings, the Future of Payments study outlines the many ways people intend to pay in the year ahead, as well as the payment features payees’ value most, reasons and how they are being paid now and how they make payments and bank.
The complete report will be revealed in a live webinar to be held on Tuesday, July 21, at 3 p.m. ET, hosted by David Josephs, daVinci CEO. Josephs has decades of experience in payments, including Head of Debit and Prepaid at Visa for North America, leading Visa’s push payments business in Europe, and leading prepaid businesses for JPMorgan Chase. He will be joined by daVinci’s CRO, Rodney Mason, who leads insights and research for daVinci. A copy of the full report will be provided to all registrants, even if unable to attend the live event.
To register for the webinar and receive a download of the study, please visit https://dna.davincipayments.com/webinar-signup-0-0-1.
daVinci Payments also conducted a similar study for the UK, and the findings of that study will be discussed during a webinar at 2 p.m. BST (9 a.m. ET) on July 21. To register for the UK webinar, please visit https://dna.davincipayments.com/webinar-signup-0-0-1-0.
About daVinci Payments
daVinci delivers corporate funded payments with greater value for all stakeholders. Blending art, science and a quarter-century of experience, daVinci masterfully moves payments for businesses, their customers, employees, contractors, participants and channel partners around the world. Learn more about daVinci’s payment solutions at www.davincipayments.com/solutions. daVinci is owned by Syncapay, a holding company, “Investing in The New Frontier of Payments,” backed by Bain Capital Ventures and Silversmith Capital Partners.