Square Report Reveals How Much the Pandemic Has Accelerated the Digital Economy
15 9월 2020 - 7:00PM
Business Wire
Square Data Estimates Decline in U.S. Cash
Usage This Year Alone Would Have Taken Three Years Without the
Pandemic
Today, Square, Inc. (SQ) released a new report that highlights
how the onset of COVID-19 has affected global commerce and payments
behavior. This is the third installment of Square’s Making Change
series, which examines whether or not we’re headed towards a
cashless society.
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The share of cashless businesses compared
to COVID-19 cases in the U.S. from February to August 2020.
(Source: Square data and NY Times Coronavirus Public Data)
In February 2020, just 5.4% of Square sellers across the US were
cashless*. By April 2020, amidst the height of shelter-in-place
mandates, that number jumped up to 23.2%. By August 2020, as the
world slowly began to reopen, the number of Square sellers with a
cashless business model was showing signs of stabilizing at 13.4%.
That said, there has still been a remarkable increase in cashless
adoption rates compared to pre-pandemic.
Square Economist, Felipe Chacon explains, “These new findings
show a significant and stabilizing increase in cashless adoption
rates compared to pre-pandemic, with business owners increasingly
reliant upon contactless and online payments and consumers
utilizing those alternatives. This signals that COVID-19 has
already had what will likely be a lasting impact on consumer
behavior.”
Among payments transacted at US Square sellers since February
2020, the share of cash transactions decreased from 37% in February
to 33% in April, and held stable at 33% through the end of August.
By comparison, during that same time period in 2019, the share of
cash transactions increased slightly: from 39.9% in February to
40.0% in August.
When comparing the share of cash transactions via Square in 2019
to 2020, the year-over-year change shows a 7.3 percentage point
drop from 40.6% in 2019 to 33.3% as of August 1, 2020. If we use
2019 as a baseline indicator, we estimate this one-year shift would
have taken more than three years without the pandemic.
Increasing availability and usage of online and contactless
payments are also contributing to the decrease in cash usage over
the last year:
- From February through August 2020, there was a 13.2 percentage
point increase in the share of Square sellers accepting online
payments. By August, more than 40% of all Square sellers were
accepting online payments.
- From February through August 2020, there was a 6.6 percentage
point increase in the share of Square sellers accepting contactless
payments. By August, more than 7 in 10 Square sellers were
accepting contactless payments.
*For the purposes of this report, Square qualifies any business
accepting more than 95% of their sales via cashless means
(in-person credit or debit card payments, online payments,
contactless payments) as a cashless business.
About Square, Inc. Square, Inc. (NYSE: SQ) revolutionised
payments in 2009 with Square Reader, making it possible for anyone
to accept card payments using a smartphone or tablet. Today, we
build tools to empower businesses and individuals to participate in
the economy. Sellers use Square to reach buyers online and
in-person, and manage their business. And individuals use Cash App
to send and store money. Square has offices in the United States,
Canada, Japan, Australia, Ireland, Spain, and the UK.
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Media Contact: press@squareup.com
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