It has been a year of momentous change for the payments industry. Previously, emerging trends have seen a massive acceleration as a result of the pandemic. Years of transformation transpired in just a few months with rapid shifts in both consumer behaviors and merchant expectations for e-commerce.
For instance, cash usage waned even further this year amongst fears around the pandemic, leading to a coin shortage across the country that had many merchants pointing consumers to digital payments if they lack exact change. According to McKinsey’s 2020 Global Payments Report, a drop of four to five percentage points in the share of global cash transactions was forecast for the end of 2020.
