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Learn moreOct 2020
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The COVID-19 pandemic has strongly affected consumer payments in Italy, moving people away from using cash, for fear of spreading the virus, in favour of using financial cards and electronic payments. The performances of financial cards have been driven by the COVID-19 pandemic, as, during lockdown, with consumers spending much more time at home than usual and most non-essential stores closed, there was a strong increase in online shopping and related online payments.
The whole of Italy was declared a protected area by decree and placed under lockdown from 9 March. This extended the restrictions already in force in Lombardy and the 14 northern provinces most affected by COVID-19, with nationwide lockdown set to last from 10 March until 3 April.
Consumer spending as a whole was negatively affected by the COVID-19 pandemic, the measures taken to contain its spread and the economic consequences of these measures. However, financial cards performed much better than overall consumer spending in 2020, buoyed by a number of factors.
M-commerce continues to grow in importance within the Italian payments landscape and it is expected to continue to seeing increasing sales over the forecast period thanks to the widespread capability among Italian consumers to use this technology, given the fact that smartphones are widely present in the country. At the same time, consumers are also becoming increasingly aware of the benefits of m-commerce, including the possibility of making convenient, fast and secure payments anywhere and at any time.
Players have been introducing measures to help Italians get through the COVID-19 pandemic, both consumers and businesses. For example, they have been extending the timeframes for credit and charge card repayments to give consumers longer to pay back their borrowings, but also reducing or eliminating commissions charged to retailers and service providers.
The changed behaviour of Italian consumers due to the COVID-19 pandemic, including the increased usage of digital payments, a preference for using financial cards rather than cash, as well as the preference for contactless transactions, is expected to continue to be seen, at least among many, even if not all, locals. These trends are also likely to continue increasing in the coming years, as more people come to know the benefits of conducting transactions in this way.
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Overview
Discover the latest market trends and uncover sources of future market growth for the Financial Cards and Payments industry in Italy with research from Euromonitor's team of in-country analysts.
Find hidden opportunities in the most current research data available, understand competitive threats with our detailed market analysis, and plan your corporate strategy with our expert qualitative analysis and growth projections.
If you're in the Financial Cards and Payments industry in Italy, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in Italy market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Financial Cards and Payments in Italy, originate from our database within our Consumer Finance market share and market size database, Passport, a platform which analyses Consumer Finance in 46 countries and globally.
Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.