Your Friday fix for global fintech and payments news
In the week that Money20/20 announced the cancellation of its US and European shows, we also heard that cashless payments in the UK have skyrocketed. Alongside this, COVID-19 has caused banking app usage to take a huge upward trajectory and Mastercard launched a new platform which provides insights, market research and analysis.
Our weekly round-up brings you a dose of some of the biggest news announcements from the past seven days so you can keep an eye on all that’s shaping our world this week.
- Covid-19 pushes UK customers to make cashless payments
- Banking app usage surges during lockdown
- Mastercard launches interactive Market Trends platform providing insights
Results from a Capterra survey found that fears around bank notes harbouring bacteria have been a cause for the downtrend in the use of cash and ATMs, with 41% of respondents citing health risks as a reason to avoid cash. Several UK retailers have made the decision to refuse cash as a form of payment since the pandemic which, in turn, has forced more people to use alternative methods of payments.
95% of the respondents who installed a mobile wallet during the pandemic intend to either start, or carry on, using it, and 84% of respondents who already use mobile payments intend to continue to do so post-pandemic. Conversely, 11% of respondents claim to have never made a payment via a mobile but may do so in the future.
More than half of the UK population are now using banking applications to manage their finances. According to an Opinium survey, almost 40% of respondents suggest their uptake of money management apps is down to them feeling ‘terrified’ of the financial impact of a second wave of COVID-19.
Almost a quarter of respondents now trust online banking more than they did before lockdown and 36% said that they have more confidence in managing their finances via an application since having to use them during lockdown.
Interestingly, almost half of the respondents said that they would prefer to manage all of their finances by mobile apps.
Market Trends, the new interactive platform from Mastercard, has launched this week and aims to give insights to consumer and industry needs and trends, digital payment experiences, card comparison data and market assessment.
While there are plans to expand, Market Trends is currently only available to issuers across Europe. President of Mastercard Europe, Mark Barnett had this to say: “Mastercard Market Trends delivers a single point of access to the key information banks need to inform smarter decisions with better outcomes. With insight into the most cutting-edge trends and consumer needs, they can identify and deploy the technology and initiatives that will super serve their customers and adapt to the constant evolution in how people shop and pay.”