Today In Data

Tapping Into Expanding Opportunity

With strong economic growth, the overall cash usage is expected to hit $3.5 trillion by 2020 — up from $3.06 trillion in 2015.

While cash was once king on a global stage, digitization is marching forward, and quickly. Case in point: Australia, where cash still has a prominent place, but digitization is capturing ground. The question is how to keep up with consumer demands in an increasingly digital environment, where customers are becoming ever more demanding of not just service, but the right service. Half of all online shoppers have bailed on a shopping experience just because they couldn’t pay how they wanted to. Or how to make sure new markets — like the new legal betting market in the U.S. — remain clear, clean and compliant. And, of course, how to leverage enough security advances to keep out the cybercriminals who want to follow — and rob — the digitally migrating crowds.

$2 billion to $6 billion: The total estimated value of the legal sports betting market unleashed by the Supreme Court.

250 percent: The amount card-not-present fraud has grown since 2012.

50 percent: The share of online shoppers who have abandoned a purchase because they couldn’t use their preferred payment method.

11 percent: The share of purchases made in cash in Australia in 2016.

135: The number of ATMs per 100,000 people in Australia in 2016.

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NEW PYMNTS DATA: HOW WE SHOP – SEPTEMBER 2020 

The How We Shop Report, a PYMNTS collaboration with PayPal, aims to understand how consumers of all ages and incomes are shifting to shopping and paying online in the midst of the COVID-19 pandemic. Our research builds on a series of studies conducted since March, surveying more than 16,000 consumers on how their shopping habits and payments preferences are changing as the crisis continues. This report focuses on our latest survey of 2,163 respondents and examines how their increased appetite for online commerce and digital touchless methods, such as QR codes, contactless cards and digital wallets, is poised to shape the post-pandemic economy.

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