Today In Data

The Rise Of Contactless Payments And Social Commerce

Rise Of Contactless Payments, Social Commerce

Small to medium-sized businesses (SMBs) are looking into many measures to reopen safely without putting shoppers at risk, like adopting mobile wallets and other forms of contactless payments. And a number of shoppers are loading their debit card information into ordering apps and mobile wallets, while social commerce could be a retail driver to reckon with in Q4. All this, Today in Data.

Data:

$89.4B: Estimated value of the global market for social commerce in 2020.

80M: Number of U.S. users on the TikTok social platform.

71.7%: Portion of SMBs that have improved their digital capabilities amid the pandemic.

40.3%: Share of seniors and baby boomers who have turned to eCommerce instead of in-store shopping.

18%: YOY increase in the value of debit card payments between June 29 and July 5.

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