Coronavirus shakes long-held beliefs about payments
The payments industry is in a unique position during the coronavirus crisis: It is a lifeline for many businesses, but it is also facing its own upheaval as habits and needs drastically change.
Steve Mott, principal of BetterBuyDesign, looks at the full scope of the payments industry and how it can survive the pandemic. The payments industry is difficult to disrupt, according to Mott, but the coronavirus has the best shot of setting new priorities for investors, clients, vendors and consumers.
Categories that have long been on the fence about new payments technology, such as health care providers, are no longer able to avoid the question of whether they should change the way they handle payments and patient data.
The pandemic has also drawn a lot of attention to who or what is "essential," and the payments industry is no exception to this scrutiny. Companies that thought they were essential are finding that they are optional, while others are proving themselves to be even more valuable — as long as they can pivot fast enough.