The initial adoption wave that mobile and contactless payments have ridden during the first months of the coronavirus pandemic is likely to continue as companies adjust business models to make embedded payment methods a key part of their strategy.
Businesses affected by the pandemic are accepting online and touchless in-person payments from consumers with the help of technologies developed originally for B2B invoicing and payments.
With the COVID-19 health pandemic wreaking havoc on jobs, investments, consumer debt and lending, secured credit cards can address a vital need for people who may not have considered the product in the past.
Brick-and-mortar merchants that have shifted to online have changed their risk profile, causing conflicts with the fintechs like Square that handle their payments. And that could be an opportunity for banks.
The spending and account management capabilities of corporate prepaid cards have been given new purpose in a pandemic-struck world dependent on government and charity aid.
Even though a portion of retailers could rely on e-commerce to keep active during coronavirus shutdowns, reopening brick-and-mortar shops may be even harder amid new safety concerns.
For Starbucks, the pandemic’s emergency workarounds are also a proving ground for a retail concept that could change the way people visit quick-serve restaurants.
Latin America is seeing a surge in digital wallet adoption as governments seek ways to disburse coronavirus aid to vulnerable citizens, and consumers look for safe alternatives to cash.
Inaccurate payments have plagued accounts payable and receivable departments from the time suppliers' contracts and invoices were stored in boxes and file drawers to the dawn of data-driven digital transactions.
The immediate lockdown of the nation’s economy in response to attempts to flatten the coronavirus infection curve has had a widespread impact on the revenues of all businesses, particularly small ones that are more susceptible to economic disruptions.