• Skip to main content
  • Skip to secondary menu
  • Skip to primary sidebar
  • Skip to footer
  • Our Services
  • Contact Us
  • Newsletter
  • Top Nav Social Icons

Mobile ID World

Mobile ID World

Identification Revolution

  • Mobile ID
    • What Is Mobile ID?
    • Identity Associations
    • Premier Partners
    • FAQ
  • News
  • Solutions
    • Behavioral
    • Facial Recognition
    • Fingerprint Biometrics
    • Iris Biometrics
    • Second Factor
    • Smart Cards
    • Smartphones
    • Vital
    • Voice
    • Wearable Tech
    • Other
  • Applications
    • Access Control
    • Cloud Technology
    • Commerce
    • Enterprise
    • Healthcare
    • Identification
    • Internet of Things
    • Law Enforcement
    • Strong Online Authentication
  • Exclusive
    • Interviews
    • Featured Articles
    • Podcasts
  • Companies
  • Events

Mastercard Report Finds Online Spending Was Up $900 Billion in 2020

April 7, 2021

Mastercard has released a new Recovery Insights report that reflects the world’s migration to online shopping venues during the pandemic. The report found that online retail spending was up an astonishing $900 billion in 2020, accounting for approximately 20 percent of all retail spending ($1 out of every $5) after accounting for only 14 percent ($1 of every $7) in 2019.

Mastercard Report Finds Online Spending Was Up $900 Billion in 2020

Much of that commercial activity will remain online even after COVID-19 starts to subside. Mastercard predicts that anywhere from 20 to 30 percent of that shift will become permanent, as consumers embrace the convenience of online shopping options. However, the company noted that that number could vary by region. Countries that had a strong digital economy before the pandemic (such as the US) are more likely to retain their online customers than countries that had less robust digital infrastructure.

The same is true with regards to different industries, with groceries expected to have a particularly high online retention rate. Up to 80 percent of the grocery money that went online in 2020 will still be spent online after the pandemic.

International e-commerce was up between 25 and 30 percent overall, while individual consumers started spending money at a larger number of outlets. People also started to switch from cash to electronic (and contactless) payment methods, even when making purchases at brick-and-mortar retail locations.

“While consumers were stuck at home, their dollars traveled far and wide thanks to e-commerce,” said Mastercard Chief Economist Bricklin Dwyer. “This has significant implications, with the countries and companies that have prioritized digital continuing to reap the benefits. Our analysis shows that even the smallest businesses see gains when they shift to digital.”

The new report builds on a prior Recovery Insights report that found that e-commerce spending went up $53 billion in the first few months of the pandemic. The Mastercard subsidiary NuData has argued that online businesses will need to adopt stronger and more user-friendly security technologies to retain customers once people start to return to in-person activities.

Filed Under: Industry News Tagged With: commerce trends, contactless payments, coronavirus, COVID-19, e-commerce, industry reports, industry trends, Mastercard Recovery Insights, online shopping, payments trends

Related News & Articles

Zwipe Teams Up with Another Hong Kong Card Manufacturer

Onfido Retrains Facial Recognition Tech to Reduce Bias

Infineon, Qualcomm Announce 3D Authentication Reference Design

Primary Sidebar

Learn About Mobile ID and Aviation

Tweets

Sponsored Links

facetec logo

FaceTec’s patented, industry-leading 3D Face Authentication software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ make trusted, remote identity verification finally possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for Liveness and 3D Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

FACEPHI is a global leader in Facial Recognition technology and in Mobile Biometrics technologies. With a strong concentration in the financial sector, FacePhi’s product is rapidly becoming a service used by banks all over the world. Its implementation doesn’t just save money, it is also a way to attract clients and build loyalty, while increasing the security of transactions for both the customer and the business. To learn more about FacePhi, visit https://www.facephi.com/en/

Recent Posts

  • Mobile Biometrics Specialist Attains Compliance With UK’s DIATF
  • Nordic-Baltic Ministers to Push for Cross-Border Digital ID Interoperability
  • 1Password Rolls Out Passkey Support for iOS Users
  • Somalian Government Launches Digital ID System
  • Philippines Authorities Aim to Roll Out Mobile IDs By Year’s End

Footer

  • About Us
  • Company Directory
  • Advertise With Us
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • Archives
  • CCPA: Do not sell my personal info.

Follow Us

Copyright © 2023 MobileIDWorld