If we were comparing growth: u.s. ecommerce vs total retail sales44 Year-over-year growth, 2011-2020 forced to pick a single trend 35% within FinTech 30% 25% that was $20 accelerated %growth15% by COVID-19, 10% it would be the 5% digitization $0 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 of payments. Ecommerce sales growth Total retail sales growth Note: Total retail 昀椀gures used by Digital Commerce 360 exclude sales of items not normall purchased online such as spending at restaurants, bars, automobile dealers, gas stations, and fuel dealers This sudden acceleration was felt across the ecosystem of payment processing players in addition to a new crop of alternative payment methods such as buy-now-pay-later (BNPL) platforms and new wallets like Shop and Google Pay. This acceleration also drove rapid reter- minalization from analog to digital systems as the pressure to enable contact-less payments and other online features became urgent The small segment of the population that was still used to shopping o昀툀ine is now much more familiar with the online shopping ecosystem. What that has created is a renewed focus on checkout pages—and we’re starting to see experiences like this: 45 DIGITAL PAYMENT ACCELERATION SHARE VISIT PG 31