8 COVID-19 Payment Trends According to Accenture

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:

  1. The growth of Online Shopping and Robot Deliveries
  2. Digital and contactless payments are set to soar (they already are…)
  3. Working remotely will continue to be widespread as countries ease existing lockdown measures
  4. Online / distant learning will also continue to flourish
  5. Telehealth will continue to limit the spread of viruses in the future and provide essential health care
  6. Online entertainment
  7. Supply Chain 4.0 – WEF highlights the vulnerability of existing supply chains and how technologies of the fourth industrial revolution can assist
  8. 3D Printing – linked to the supply chain trend, 3D printing enables production flexibility
  9. Robotics and drone usage will increase
  10. 5G and Information Communication Technology – hmmmmm…..

8 COVID-19 Payment Trends:

  1. The move to a Cashless Society – the World Health Organisation warned COVID-19 could spread the coronavirus and recommended the use of contactless payments
  2. Fraud prevention and detection will need to evolve with new and emerging threats
  3. Trust in the face of increased fraud and an uncertain economic world will wane, this will affect how people/organisations spend their money
  4. Payment Fintech’s / Payment Solution Providers will likely experience a tougher environment as companies seek to work with established partners
  5. Cashflow in an unknown social/economic/governmental environment will be closely watched
  6. Digital Wallet/Mobile Wallet usage will increase due to consumer concerns with public payment terminals
  7. Online shopping will skyrocket!
  8. 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.

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