Global Banking & Finance: Cashless after COVID-19: why touch-free transactions could see us finally say goodbye to cash

The impact of COVID-19 on the global payments industry is likely to be profound. McKinsey predicts that activity in the sector could drop by as much as 8-10% of total revenues due to the pandemic, a reduction of between $165 billion- $210 billion. That’s compared to the 10-11% revenue reduction seen following the 2008 global financial crash. The devasting outcomes of the pandemic have not only created consequences for our immediate lives and the economy but are already causing shifts in consumer behaviour relating to payment that will resonate for years to come.

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