Press release
COVID-19 Impact On The Payments Industry 2020
To help combat the coronavirus pandemic, President Donald Trump approved a relief bill on March 19, 2020. The bill offers free COVID-19 testing, provides unemployment insurance, increases spending onhealth insurancefor the poor, and grants $1bn in food aid. Following this, on March 20, the US government announced the rollout of a $1tn economic stimulus package. The package includes direct payments to individuals under a certain income threshold, $200bn in loans to airlines and distressed industry sectors, and $300bn in bridge loans for small businesses.
This report focuses on the impact of the coronavirus outbreak on both the economyand the cards and payments industry in the US. Based on our proprietary datasets, the snapshotprovides a detailed comparison between pre-COVID-19 forecasts andrevised forecasts of total payment card, debit card, and credit and charge card transactions by value and volume. It also offers information on measures taken by the government to combat coronavirus.
Scope
- In a major boost, the US Federal Reserve announced on March 16 a cut in its benchmark interest rate to near 0%, in order to prevent liquidity crunch in the market.
- Coronavirus has affected the US travel and tourism industry adversely. According to Tourism Economics, US travel and tourism could potentially lose at least $24bn in foreign spending in 2022 in the wake of the crisis.
- When shopping in-store, consumers will shift from cash-based payments to digital payment tools, particularly mobile wallets - again, to avoid exposure to disease vectors.
For More Information Kindly Contact:
ResearchMoz
Mr. Rohit Bhisey,
Tel: +1-518-621-2074
USA-Canada Toll Free: 866-997-4948
Email: sales@researchmoz.us
Website:https://www.researchmoz.us
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