Payments and the Pandemic: The Impact of COVID-19 on the Global Payments Ecosystem

The pandemic changed the face of the world and, with that, the face of payments.  

November 16, 2022 – The COVID-19 pandemic affected nearly every person on the planet. It was a historic event that changed the face of the world forever. With that degree of change, the payments ecosystem was dramatically impacted: People could no longer shop at retail outlets, cash was seen as a disease carrier, and contactless transactions became a preferred payment alternative.

This report describes the payment ecosystem before, during, and after the worst of the pandemic, identifies product types and regions most impacted, analyzes the results of those changes, and forecasts the long-term impact of the pandemic on the space. It provides organizations that offer payment services with context and direction to develop successful strategies post-pandemic. The data for this report was primarily derived from RBR’s report “RBR, Global Payment Cards Data and Forecasts to 2027.” Third-party data sources were also used to provide additional data and context.

Clients of Aite-Novarica Group’s Retail Banking & Payments service can download this report and the corresponding charts.

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