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US Consumers Prefer Contactless, Digital Payments Over Covid-19 Concerns: Survey

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Customers in the U.S. are preferring digital or touchless payment methods due to concerns arising from the COVID-19 pandemic, a survey said.

According to the survey by Rapyd Financial Network, the coronavirus pandemic has raised health and safety concerns around using cash and coins, and is accelerating the pre-existing trend toward digital transactions.

More than half of the consumers surveyed, or 60 percent, plan to use digital or touchless payments in the future instead of cash and coins.

The survey also found that more than half of the consumers, or 54 percent, are concerned about handling paper money and coins as a result of the coronavirus.

Nearly a third, or 32 percent of the consumers want paper money and coins phased out entirely. While 45 percent of the consumers like to see pennies phased out or eliminated, 30.5 percent want to see all coins phased out.

The survey also found that 81 percent of the consumers have heard about the U.S. coin shortage.

Contactless shopping and payments options, including curbside pickup and carside delivery services as well as cashless payments are gaining popularity amid the pandemic as customers make fewer trips to stores.

Several major retailers and fast-food chains including Walmart, J.C. Penney, Starbucks, Domino's Pizza, and Pizza Hut have adopted contactless shopping and delivery options to boost sales amid the pandemic.

A survey by the National Retail Federation or NRF in January found that convenience is increasingly influencing the behavior of shoppers and playing a major role in shaping the retail industry's future.

According to the survey, new options offered by retailers such as buy online, pick up in store and two-day shipping can contribute to brand loyalty.

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