Digital payments faced a significant increase amid the pandemic
According to Mastercard’s study, 76% of small businesses in North America said the pandemic pushed them to become more digital. Among them, 82% changed how their business sends and receives payments.
Amid difficulties with cash flow and collecting payments, 50% of businesses added a new digital service for collecting funds. Meanwhile, 1 in 4 transitioned to e-invoicing.
68% of the respondents also revealed that cash and check deposits take too long. That’s why they decreased their use of cash and checks over other payment types during the pandemic.
In addition, 64% of small businesses are actively trying to keep clients away from using cash and checks.
91% of small businesses consider speed and security as the top priority, while 87% are citing transparency.
The study found that online card payments increased at 60%, while the use of cash and checks dropped by 34% and 24%, respectively.
We’ve reported that the European Commission has approved the €2.85 billion acquisition of Nets’ account-to-account payment business by Mastercard.