As the new normal becomes integrated into our daily lives, innovations that will support the growth of the economy will emerge. The payment industry has adapted and will continue to make technological advancements to suit the changing climate of the payment ecosystem. Rebooting the worldwide economy is necessary and online payment now has a vital role in the payment infrastructure.
Online payments became a lifeline
The coronavirus pandemic caused the economy to collapse and online payment methods became a lifeline to millions of people in the world for adapting to living with COVID-19. The catastrophic long-term effects of the human costs is clear and should be the focus of anyone that wants to have an economic recovery.
Payment transaction infrastructure
The focus of a lot of business professionals who are directly involved with the payment transaction infrastructure is for the stability of their payment systems and the security measures that are implemented. However, it is apparent that even if there has been an increase in online payment methods, despite the massive scale of the pandemic, there are no emergency measures that had to be done as there were no reported major outages to the core of the online payment financial infrastructure.
The decline in economic activity
The economic disruption is profound and for the lockdown, the economic activity will have severe drops. The decline could be as much forty percent and even more. The financial outlook of the payment industry also reflected the uncertainty of these times. Yet, the payment industry has been stable and is invaluable to the recovery of the global economy.
Adapting to new normal
The consequences of getting infected can be fatal and it is imperative for everyone to put their well-being as the priority to be able to safeguard their own lives and that of others. We have to take care of ourselves, our families, and those that we might get in contact with as we go back to living using the new normal protocols such as social distancing. To avoid being infected, more people are using online payments and contactless payment methods instead of handling cash or debit/credit cards.
Due to the pandemic, there are millions of companies across industries in nearly all countries that have to establish their remote-working conditions plus continue to drastically improve on this as the situation continues. Several financial services companies and most banking institutions have undertaken definitive action to be able to protect their employees and clients from getting infected.
Increased trust in online payments
The various payment systems that are currently in use have proven to be reliable and resilient, even at the height of the pandemic. The different payment providers and online payment systems and which enable consumers and companies to transfer the funds for services and goods did not collapse and gained increased trust from the users. Online payment methods became vital and with technological advancements, both merchants and consumers will be able to transact more efficiently and enable the recovery of the global economy.