This statistic is from the Payment Methods Report 2020 from The Paypers.
The fifth edition of The Paypers' annual Payment Methods Report gives an overview of what's new in how people pay in the most significant e-commerce markets, focusing on innovation and the latest trends.
Cash and COVID-19
The report notes the coronavirus pandemic has shifted customer preferences, especially with regard to the use of cards, consumer lending, social commerce, and digital transformation at large. Whether these trends will persist after the pandemic remains to be seen. In the short-term, alongside the immediate challenges presented by COVID-19, small business owners are experiencing particular difficulties with adapting to market conditions in 2020 and 2021, with a move towards more online and cashless purchases cutting profits and—in some cases—resulting in layoffs and closures.
For small businesses and local providers, a move toward [cashless] payments is costly, which means that they may not be able to keep pace with the current dynamic.
About The Paypers
The Paypers is a Netherlands-based, independent source of news analysis for the global fintech, payments and ecommerce industry. It provides a wide range of news and analysis products aimed at keeping payments, e-commerce and fintech professionals informed about the latest developments in the industry