FINX - Digital wallet payments overtake cash for in-store purchases in 2020: FIS

In the year of the pandemic, consumers are pulling out their digital wallets more often than they are physical wallets when they pay in store, according to a FIS study.For the first time, payments using mobile digital wallets overtook cash payments on in-store purchases on a global basis last year."The global pandemic has brought a cashless future closer on the horizon," said Jim Johnson, head of Merchant Solutions at FIS.Among insights from the study:Cash usage dropped 10 percentage points in 2020 to account for only one-fifth of all face-to-face payments worldwide; use of cash for in-store payments fell by half  or more in Canada, the U.K., France, Norway, Sweden, and Australia.Cash payments in the U.S. made up $1T of store payments last year, down from $1.4T in 2019.The Asia-Pacific region leads in the use mobile wallets, with about 40% of in-store payments in that region being conducted through contactless payments.

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Digital wallet payments overtake cash for in-store purchases in 2020: FIS