Transcription of The 2020 McKinsey Global Payments Report
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The 2020 McKinsey Global Payments Report
October 2020 Global Banking PracticeThe 2020 McKinsey Global Payments Report2 The 2020 McKinsey Global Payments ReportThe public health crisis triggered by COVID-19 has had an impact on nearly all aspects of daily life for people across the globe, and has put the world economy on an uncertain footing. For the Payments industry, the pandemic and its consequences have accelerated a series of existing trends in both consumer and business behaviors, and introduced new developments, such as a restructuring of both supply chains and cross-border trade. Ongoing shifts toward e-commerce, digital Payments (including contactless), instant Payments , and cash displacement have all been significantly boosted in the past six months.
The 2020 McKinsey Global Payments Report 5 rebounded, consumers’ well-documented shift from the point of sale (POS) to digital commerce accounts for the reduced use of cash. Overall, in retail, the impact was not a decline but a shift in buying behavior. In the first six months of the year, consumers spent $347 billion online with
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