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Worldwide B2B Payment Industry and Trends 2021 Report - Featuring FAB, HSBC Bank and LayerX Among Others

Worldwide B2B Payment Industry and Trends 2021 Report - Featuring FAB, HSBC Bank and LayerX Among Others
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4 4 Million Tip Wagers Face Drop in Cash Use

New research shows that up to 4.4 million service workers who rely on cash tips to earn a living could struggle to make ends meet after the pandemic due to digital exclusion. 4.4 million workers who rely on physical tips to earn a living – two thirds of which are women – may be impacted by a recent drop in cash use, data shows. – Global Payment Trends reveals the financial and societal impact of ceasing to use cash, which has been accelerated as a result of the Covid-19 pandemic. – The latest data shows that the use of cash as payment for online orders has dropped by 75% in the last year, now accounting for just 1% of all transactions.

Drop in Cash Use Excludes 122 Million American Consumers

Row of order desks with computer screen and card payment terminal in fast food restaurant At least 122 million Americans are at risk of digital exclusion due to a drop in cash use, including the elderly, homeless and mentally ill, research shows. – Global Payment Trends reveals the financial and societal impact of ceasing to use cash, which has been accelerated as a result of the Covid-19 pandemic. – The latest data shows that the use of cash as payment for online orders has dropped by 75% in the last year, now accounting for just 1% of all transactions. – 567,715 people are estimated to be homeless in America, while a further 55.9 million Americans may struggle to use digital payments due to old age.

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