Consumers seeking out low- to no-touch payments options amid public health concerns have combined with an uptick in charitable donations and tips to boost the comfort with peer-to-peer (P2P) payment platforms, Silvana Hernandez, senior vice president of digital payments at Mastercard, told PYMNTS.
Hernandez added that while there was no way to predict or prepare for the pandemic, she’s pleased that the existing payments infrastructure was in place for consumers to leverage — particularly during these challenging times — and able to handle surges in use.
“Since the beginning of COVID-19, we have been seeing P2P services and platforms growing in terms of adoption and usage, and I think it’s mainly because of two factors,” Hernandez said.
Staying Home And An Aversion To Cash
Hernandez said the first P2P catalyst is consumers’ view of “cash being dirty.” Rightly or wrongly, they view it