Market Research Report
COVID-19 Impact on the Payments Industry: US Forecast Snapshot
|Published by||GlobalData||Product code||932171|
|Published||Content info||20 Pages
Delivery time: 1-2 business days
|COVID-19 Impact on the Payments Industry: US Forecast Snapshot|
|Published: March 30, 2020||Content info: 20 Pages||
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 the novel coronavirus a pandemic on March 11, 2020.
The US' GDP is anticipated to decline in 2020 due to the economic disruption caused by the outbreak of this virus. There has been a sharp rise in the cancellation of flights, hotel bookings, and major events.
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 on*health insurance*for 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.