Millions of consumers are being introduced to alternative payment methods for the first time. A dramatic shift to e-commerce seems obvious. However, the way people are used to shopping is unlikely to return to normal after lockdowns are lifted.
The future of payments
The major take away, which most people have probably already recognized, is that we are approaching a new frontier. People are becoming accustomed to technology and alternative payment methods, and every technology and commerce company is looking for opportunities in digital and alternative payments. Subsequently, banks are beginning to follow trends and look for ways to retain market share by adapting their services to a rapidly changing landscape.
Elaborating on the matter, the company’s CEO Isaac Armoni highlighted:
“We’ve seen a dramatic increase in new business applications for our corporate borderless bank account. Companies are struggling to open accounts with their local banks due to lockdowns and work from home initiatives. Naturally, companies are stranded without a bank account. We’re able to do online account opening and in a matter of days, we can issue IBANs and prepaid cards connected to multi-currency accounts for making SEPA, SWIFT and FX transactions”.
The following infographic was prepared by payment analysts at Wallter.com, a European Electronic Money Institution (EMI). It highlights several permanent changes to the commerce, payments and banking sectors post COVID-19.