The current COVID-19 pandemic has increased the preference for using digital forms of payment and avoiding cash transactions. A recent survey by The Economist Intelligence Unit revealed that 64% of the respondents used digital payments for over half their purchases in the past year.
The survey involved 3,048 people, half of whom are from developed economies, with the other half from emerging markets. With respect to age, 61% of respondents were 18-38 years old — the tech-savvy generation.
Digital payment is a broad term and encapsulates cryptocurrencies, internet banking, Paypal, WeChat Pay, among other things. The report titled ‘Digimentality — Fear and favouring of digital currency’ found that over 80% of the respondents were willing to use digital payments for daily transactions. On the other hand, only 4% said they would prefer using only cash.
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