I am alive! Frequent visitors to the site will know this is my first post in a long time, its complicated…. Anyway, I’m back and wanted to ease into it by sharing a post by Accenture highlighting 8 key COVID-19 payment trends. In this time of great uncertainty it is absolutely certain that life will not quite be the same in the post-COVID-19 world. The Accenture post nicely captures 8 ways in which payments are likely to change.
Please read the Accenture article for full details – below is a quick summary. Before delving into the COVID 19 Payment trends, its worth noting the broader COVID-19 technology trends. These broader themes provide a good context for the Accenture stated COVID 19 payment trends:
10 COVID-19 Technology Trends:
According to the World Economic Forum these trends are driven by the desire to prevent the further spread of the virus:
- The growth of Online Shopping and Robot Deliveries
- Digital and contactless payments are set to soar (they already are…)
- Working remotely will continue to be widespread as countries ease existing lockdown measures
- Online / distant learning will also continue to flourish
- Telehealth will continue to limit the spread of viruses in the future and provide essential health care
- Online entertainment
- Supply Chain 4.0 – WEF highlights the vulnerability of existing supply chains and how technologies of the fourth industrial revolution can assist
- 3D Printing – linked to the supply chain trend, 3D printing enables production flexibility
- Robotics and drone usage will increase
- 5G and Information Communication Technology – hmmmmm…..
8 COVID-19 Payment Trends:
- The move to a Cashless Society – the World Health Organisation warned COVID-19 could spread the coronavirus and recommended the use of contactless payments
- Fraud prevention and detection will need to evolve with new and emerging threats
- Trust in the face of increased fraud and an uncertain economic world will wane, this will affect how people/organisations spend their money
- Payment Fintech’s / Payment Solution Providers will likely experience a tougher environment as companies seek to work with established partners
- Cashflow in an unknown social/economic/governmental environment will be closely watched
- Digital Wallet/Mobile Wallet usage will increase due to consumer concerns with public payment terminals
- Online shopping will skyrocket!
- Digital innovation will by propelled by changing behaviours that are trying to adapt to a new and ever-changing world
As we assess the above trends, authorities must not forget groups such as the elderly/unbanked/without access to the internet. As we all navigate through these unprecedented times, we risk further dividing and isolating vulnerable groups at a time when humanity needs to come together.