The most influential Megatrends set to shape the world through 2030, identified by Euromonitor International, help businesses better anticipate market developments and lead change for their industries.
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Learn moreNov 2020
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COVID-19 forced states across the US to declare stay-at-home orders and close non-essential businesses, starting in late March 2020. These closures led to mass layoffs.
As early as 31 January, US health officials issued quarantine orders to US citizens evacuated from Wuhan, China, amid the COVID-19 outbreak there. From 2 February, entry was restricted from China, with this later extended to virus-hit Iran and Italy.
Faced with an unprecedented shutdown of the American economy, Congress passed the Coronavirus Aid, Relief and Economic Security (CARES) Act in late March 2020. The bill carried a historic USD2 trillion price tag and included economic stimulus measures that ranged from industry support to personal stimulus payments.
The US has historically lagged Asian and European countries in adoption of contactless payment technology, but the pandemic has dramatically accelerated adoption of mobile wallets and other forms of contactless payment. Fear of contracting COVID-19 is driving the switch.
In the first months of the COVID-19 pandemic, millions of Americans were unable to pay off their card balances. Given the unprecedented nature of the pandemic’s impact on the economy, issuers have offered flexibility for payment plans, including waiving late fees and not charging interest on missed payments.
COVID-19 is expected to continue impacting consumer payments through 2021 and 2022. The potential recovery timeline from the virus is highly dependent on the development of a vaccine.
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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 USA 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 USA, our research will save you time and money while empowering you to make informed, profitable decisions.
The Financial Cards and Payments in USA market research report includes:
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Why buy this report?
Euromonitor’s industry reports, including Financial Cards and Payments in USA, 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.