The Rise Of Contactless Payments And Social Commerce
Small to medium-sized businesses (SMBs) are looking into many measures to reopen safely without putting shoppers at risk, like adopting mobile wallets and other forms of contactless payments. And a number of shoppers are loading their debit card information into ordering apps and mobile wallets, while social commerce could be a retail driver to reckon with in Q4. All this, Today in Data.
$89.4B: Estimated value of the global market for social commerce in 2020.
80M: Number of U.S. users on the TikTok social platform.
71.7%: Portion of SMBs that have improved their digital capabilities amid the pandemic.
40.3%: Share of seniors and baby boomers who have turned to eCommerce instead of in-store shopping.
18%: YOY increase in the value of debit card payments between June 29 and July 5.