Pandemic changed payment preferences among Italians: report

Consumers in Italy are looking for safer modes of payment

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Pandemic changed payment preferences among Italians: report. Source: unsplash.com

According to GlobalData, Italian consumers are shifting away from cash payments to mobile and online payments.

Cash has historically been the preferred method of payments in the country, accounting for 78.5% of volume in 2019. Although, the outbreak has changed the payment behaviors of Italians.

The use of mobile phones for buying essentials is anticipated to become even more widespread in Italy, driving a rise in the use of mobile wallets.

In fact, mobile wallets are the safest way of transacting in stores, as consumers don’t need to come into contact with terminals, the report states.

The drop in the overall consumer spending during the pandemic has been offset by a rise in online spending, as wary consumers are staying at home and using the online channels for payments and hence, put themselves in a lesser risk or risk-free zone. Online payments solutions, such as PayPal, e-Postepay, Amazon Pay, Masterpass, and Visa Checkout, as well as online processors and gateways, stand to benefit from the prevailing trend
Ravi Sharma, Banking and Payments Lead Analyst at GlobalData

We’ve reported that nearly 7 in 10 consumers are likely to permanently shift to digital payments, whereas half of them will use less cash after the pandemic.

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