Contactless payments surge 44% during COVID-19 as shoppers fear germs

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Contactless payments surge 44% during COVID-19 as shoppers fear germs

on May 14, 2020 / by Financial Mindfulness

Credit card giant Mastercard reported a major shift in consumer behaviour that has seen 44% of Aussies decrease their use of cash when making purchases in-person since the outbreak of the coronavirus pandemic, as shoppers fear germs on cash.

The research found that more than half (52%) of Aussies are more aware of the dirtiness of cash as a result of COVID-19, while one in five (21%) said the risk of germs has made them not use cash at all.

Eight in ten (79%) of Australians agree contactless payments are a cleaner way to pay.

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Contactless payments surge 44% during COVID-19 as shoppers fear germs

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Contactless payments surge 44% during COVID-19 as shoppers fear germs

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Financial stress index rating scale.

I could not meet all my weekly expenses.

I had no savings or financial safety net.

I worried about money and finances.

I felt overwhelmed by my financial obligations.

I ate more, drank more alcohol or smoked more because of my financial concerns.

I acted aggressively towards others because of my financial situation.

I found it difficult to sleep because of my financial concerns.

I think financial stress negatively impacted my relationships.

I experienced physical symptoms (e.g., headache, nausea) when thinking about my finances.

I was involved in interpersonal conflicts because of financial stress.

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