With consumers and merchants alike sharing the need to be paid faster, the case for adopting real-time payments globally has quickly advanced during the COVID-19 pandemic.
The sharing economy faces its first true crisis, but the payment companies that enable nontraditional payrolls say that the best way to fuel the recovery is to simply be more creative in how people get paid.
Coronavirus has taken a massive toll on suppliers, and emerging invoice methods are getting thrust into the mainstream to rescue cash-strapped businesses.
The shortage of personal protective equipment (PPE) for medical workers is one of the most troublesome elements of the coronavirus outbreak, though prior work to declutter cross-border supply chain payments provides some hope.
With more people sheltering at home and grocery stores limiting access, Domino's is seeing a surge in demand for its pizza — and a need to pay delivery drivers their tips and wages after each shift at a time when the credit card orders outpace the cash on hand at each store.
As the market deals with the short-term challenge of getting stimulus payments into the hands of citizens, the country has a unique opportunity to put the unbanked and underbanked on a long-term path to electronic payment methods, Jim Johnson of FIS says.
Even before the coronavirus pandemic, it was becoming clear that the work of the past decade to establish the Single Euro Payment Area was paying off with real-time payments networks and opening possibilities for another European payments scheme.