After One Year of COVID-19, New Square Data Reveals the Share of Cashless Businesses Has More Than Doubled
16 3월 2021 - 7:09PM
Business Wire
Findings Suggest the Increase in Digital
Payments Sparked by COVID-19 Is Here to Stay
Today, Square, Inc. (SQ) released a new report highlighting the
impact of COVID-19 on global commerce and payments behavior. One
year after the onset of the pandemic, the steady increase in
cashless adoption rates and online and contactless payments
demonstrates a renewed preference toward digitization among
business owners and consumers. This is the fourth installment of
Square’s Making Change series, which examines whether or not we’re
headed toward a cashless society.
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the full release here:
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Square Data: Percentage of Cashless
Business by Country (Graphic: Business Wire)
From pre-pandemic 2020 to today, we’ve seen the share of
cashless businesses* more than double in the U.S., Australia,
Canada, and the UK, and nearly double in Japan. In February 2020 in
the U.S. alone, just 6.3% of Square sellers were cashless
businesses, which jumped to 14% by February 2021. During that same
period, the share of cash transactions decreased from 37.4% in
February 2020 to 30.5% in February 2021.
Following U.S. businesses that have been with Square since 2015,
we saw a slightly more substantial dip in cash usage during 2020,
which indicates the shift away from cash this past year would have
taken nearly three years without the pandemic.
Square Economist Felipe Chacon explains, “A year ago, there was
no telling whether the sudden spike in cashless businesses and
digital payment options was going to last. But today, we can look
to markets where the pandemic has largely been eradicated, such as
Australia, and see that the increase is sticking with business
owners and consumers beyond the pandemic.”
We worked with Shelle Santana, Assistant Professor of Marketing
at Bentley University, to lend her perspective on the ever-changing
state of commerce. “It’s important to balance this past year’s
universal increase in cashlessness with the fact that cash usage is
still pretty resilient. In the summer of 2020, some people were
wondering whether cash would become a relic of the past out of
sheer necessity. We see now that even though cash transactions are
declining, they still represent about 1 in every 3 transactions in
the U.S. That’s not insignificant.”
From February 2020 through February 2021, both online and
contactless** payment options became increasingly popular among
business owners and consumers alike:
- 45% of U.S. Square sellers were accepting online
payments by the end of February 2021, up from 30% a year
ago.
- 74% of U.S. Square sellers were accepting contactless
payments by the end of February 2021, up from 64% a year
ago.
Despite the widespread growth in digital payment methods this
past year, survey results from Wakefield Research serve as a
reminder that a less-cash society is not necessarily indicative of
a cashless one:
- 73% of American consumers and 68% of small business owners say
the U.S. will never become a completely cashless society.
- However, among U.S. small business owners who disagree, 22%
think the U.S. will become completely cashless in 10 years or
fewer, up from just 13% in 2019.
*Cashless businesses are defined as those that are accepting 95%
or more of payments via cashless methods (in-person debit, credit,
or contactless payments; Square Online payments; or
card-not-present payments). **Defined as payments made in person
with a contactless reader using a credit/debit card or mobile
device.
About Square, Inc.
Square, Inc. (NYSE: SQ) builds tools to empower businesses and
individuals to participate in the economy. Sellers use Square to
reach buyers online and in person, manage their business, and
access financing. And individuals use Cash App to spend, send,
store, and invest money. Square has offices in the United States,
Canada, Japan, Australia, Ireland, Spain, and the UK.
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version on businesswire.com: https://www.businesswire.com/news/home/20210316005501/en/
Media Contact: press@squareup.com
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