According to PYMNTS.com, cash payments now represent just 28 percent of total U.S. transaction volume, and during the pandemic, no time is better to transition to all digital transactions for merchants.
“Consumers are looking to pair not only debit and credit cards with their connected devices but also digital wallets such as PayPal or peer-to-peer (P2P) mobile apps like Venmo,” they write. Now more than ever, many businesses are working quickly to accommodate consumers’ shifting brick-and-mortar and e-commerce shopping preferences.
And the market that may well be easiest to covert is millennials, who use digital wallets; 24 percent of them report that they use contactless credit or debit cards to make in-person payments, per a new study commissioned by the website.
This article was written by and originally published on PYMNTS.
