The emphasis on contactless payment solutions is a crucial step towards a post-COVID economic resurgence. Harnessing its power will be at the heart of overcoming the challenges posed by the pandemic on business and commerce.
Risks of the coronavirus pandemic prevail, yet the economic challenges of COVID-19 no longer remain a problem alone. Instead, it is fast transforming into a fertile ground for the development of stronger financial conditions for returning economic empowerment to businesses.
Innovations in payments technology are lowering barriers for merchants and customers alike, while embracing a more cohesive approach towards maintaining business continuity in a post-COVID world. Data driven technology like zero-touch payments have quickly demonstrated their reliability during the pandemic, while drastically altering consumer behaviour.
Pursuing Business Growth in a post-covid world
The entire world economy is transitioning, and economic growth and financial inclusion remain the primary objectives. However, recovery will be different for each country, industry and company. According to The Spring 2021 Economic Forecast, all EU Member States should see their economies return to pre-crisis levels by the end of 2022.
Businesses across sectors have gained valuable lessons from the COVID-19 challenge. In the future, the survival of a business model will be determined by a variety of factors. These include consumer behaviour, remote working, customer and supply chain interactions, and payment procedures. And the resilience and reliability of digitization is increasingly being recognized as a necessity to navigate through these shifts.
The Future of Payments
Consumer habits have reflected the need for simplicity even before the current crisis hit us. Moving towards a cashless economy entails bringing more people under the ambit of digital payments. This is equally essential to enable customers to tap into the full potential of this digital revolution. Two factors that will continue to shape the future of payments are:
Consumer Preference: Safety and accessibility are two key determinants that have driven the adoption of digital payments in the last two years. Cross border e-commerce, safety concerns, and other post-pandemic trends will necessitate higher adoption of contactless payments in future.
Customer Support: Providing the right support to customers will enable them to keep pace with new trends. From meeting SCA regulatory requirements to availing financial subsidies, contactless payments will be critical to provide customers the leverage for growth.
To capitalize on the opportunities that digitization presents, recognize where these shifts will be most applicable for you. For instance, if your service already includes e-payment options, consider including assistive features for building a better customer experience. It is important that businesses think ahead, and optimize their current status to accommodate the new equilibrium.
Periods of transition often bring their own challenges as well as competition. To succeed in a new ecosystem, you need to work on your strengths while reassessing your future plans. Flexible payments may help businesses thrive, but the availability of robust support systems during crises will make businesses truly successful.
Antony Robinson is the Chief Marketing Officer at Novalnet. He is an information technology expert and an avid reader with more than 30 years of experience in web technologies, UX, media and marketing. He has extensive experience in managing global teams in every inhabited continent.