COVID-19 Triggers Changes in Payments Habits Amongst over Eight in Ten Consumers
May 5th, 2021. Houston, Texas – More than eight in ten (86%) of U.S., Canadian and European consumers say that their payments habits have changed since the start of the pandemic, with 59% trying a new payment method for the first time, rising to 77% in the 18- to 24-year-old age group. That’s according to new research released by leading specialized payments platform Paysafe (NYSE: PSFE), in which 8,000 consumers were surveyed for the company’s latest Lost in Transaction report.
The research*, which was conducted on behalf of Paysafe by Sapio Research in March and April 2021 and covers the U.K., Germany, Italy, Austria, and Bulgaria as well as North America, explored changing consumer behaviors towards payments. Unsurprisingly, the key driver cited by respondents for adopting new payment methods was due to being unable to make in-person payments (33%), but the need to track spending more closely (26%) and concerns over fraud (25%) also came up as strong trends.