August 12th 2020
IRVINE, Calif.—Mobile wallets are among the contactless payment forms rapidly growing in popularity states an analysis released by Appriss Retail, a division of Appriss, Inc. The report, “The Rise in Contactless Payments During COVID-19,” documents changes in payment tenders related to COVID-19. The pandemic has significantly increased the adoption trajectory for mobile wallets such as Apple Pay, Google Pay, Samsung Pay, PayPal Venmo and more.
To help fight disease transmission, retailers are encouraging consumers to use low-touch or no-touch forms of payment whenever possible. Along with helping to protect consumer and employee health, this move prevents cashiers from having to sanitize the keypad after a debit or credit card transaction.
“We studied the change in contactless payments because rapid shifts in tenders may impact shopper marketing programs and the loss prevention analytics for a retailer,” said Steve Prebble, president of Appriss Retail. “Although the decline of cash has been a decades-long trend, COVID-19 has sped up the transition to these newer mobile wallet and tap-to-pay payment types. Consumers appear to be making a conscious choice to use payment forms that are convenient and allow them to avoid touching a keypad or handling money.”
“The Rise in Contactless Payments During COVID-19” is the third report released by Appriss Retail that marks the impact of COVID-19 on retail operations and consumer behavior. The other two reports, also available on the website, are “COVID-19, Unemployment, and Retail Risk,” and “The Influence of Social Media on Retail Sales of Essential Items During the 2020 Pandemic.”
About Appriss Retail
Appriss Retail, a division of Appriss Inc., provides artificial intelligence-based solutions to help retailers protect margin, unlock sales, and cut shrink. With more than 20 years of retail data science expertise, the company’s Software-as-a-Service (SaaS) platform generates advanced analytical insights and real-time decisions that drive action throughout the organization, including operations, finance, marketing, and loss prevention. Its performance-improvement solutions yield measurable results with significant return on investment among retail store, ecommerce, and inventory functions. Appriss Retail serves a global base of leading specialty, apparel, department store, hard goods, big box, grocery, pharmacy, and hospitality businesses in more than 150,000 locations (brick and mortar and online) in 45 countries across six continents. For more information about Appriss Retail, visit https://apprissretail.com.