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Payments Snapshot in Italy - Coronavirus (COVID-19) Sector Impact

Payments Snapshot in Italy - Coronavirus (COVID-19) Sector Impact

Summary

The Coronavirus (SARS-CoV-2) outbreak, dubbed COVID-19, is first and foremost a human tragedy affecting millions of people globally. The contagious Coronavirus, which broke out at the close of 2019, has led to a medical emergency across the world, with the World Health Organization officially declaring it a pandemic on March 11, 2020.

Fears surrounding the impact of COVID-19 have already significantly impacted the global economy, with key markets across the world losing 20-50% of their value for the year to date. Many economists and institutions have cut their forecasts, with consensus global GDP growth currently at 2.6% for 2020 and experts predicting the onset of recessionary environments.

A similar trend is expected in Italy, as economic growth in the country dipped in the first quarter of 2020. The decline had an adverse impact on all sectors, including banking and payments. Italy - which was one of the worst-affected European countries - is now on a path to recovery with fewer positive cases being reported, businesses gradually restarting their operations, and domestic travel resuming thanks to the government's stringent measures.

This report focuses on the impact of the coronavirus outbreak on both the economyand the cards and payments industry in Italy. 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

- The pandemic has had a severe impact on the country's tourism sector, which accounts for around 13% of GDP. According to the Italian tourism association Assoturismo Confesercenti, €200m ($224.54m) worth of travel and accommodation bookings were cancelled in March alone.
- The drop in overall consumer spending during this crisis has been partially offset by a rise in online spending, as wary consumers are staying home and using the online channel to purchase goods to avoid exposing themselves to disease vectors.
- The use of mobile phones for purchases of essential commodities such as food and medicine is expected to become even more widespread in Italy, driving a rise in the use of mobile wallets including Jiffy, BANCOMAT Pay, Nexi Pay, Apple Pay, and Google Pay.

Reasons to Buy

- Make strategic decisions using top-level revised forecast data on the Italian payment industry.
- Understand the key market trends, challenges, and opportunities in the Italian cards and payments industry.
- Receive a comprehensive insight into payments market in Italy.
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Payments Snapshot in Italy - Coronavirus (COVID-19) Sector Impact
Published By :GlobalData
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