BAKU, Azerbaijan, Sept.14
Trend:
The COVID-19 pandemic drives use of digital wallets as consumers shift away from cash, Trend reports with reference to Euromonitor International.
Nearly two thirds of connected consumers globally used a digital wallet to buy products in a physical store or online during the last year, based on Euromonitor International’s Voice of the Consumer: Digital Survey 2021, which was fielded in March.
“This has remained largely unchanged from the 2020 survey, as the increased use of digital wallets in some instances was offset by reduced use of digital wallets for online purchases across certain categories, such as travel and tourism. Globally, all regions except Latin America and Europe saw an overall increase in the use of digital wallets in the last 12 months, with Middle East and Africa posting the highest shift,” reads the latest report released by Euromonitor International.
One of the key drivers of the use of digital wallets during 2020 was the consumer shift away from the use of cash, given concerns over virus transmission, limited access to ATMs and reduced opportunities for cash withdrawal amid lockdowns, according to the report.
“This is reflected in increased use of digital wallets for both in-store payments and online purchases. As e-commerce surged, with booming growth in categories such as electronics and appliances, food and drink and digital streaming, the use of digital wallets for online purchases saw growth across high-value purchases, as well as smaller transaction values, significantly reducing the trend of cash on delivery. This was particularly evident in Asia Pacific, North America and Middle East and Africa.”