PayThink

Digital wallets arguably reached a tipping point this spring when contactless payments jumped 40% in response to concerns that cash and payment terminals were helping to spread the coronavirus, Vidya Peters of Marqeta writes.

Digital wallets arguably reached a tipping point this spring when contactless payments jumped 40% in response to concerns that cash and payment terminals were helping to spread the coronavirus, says Marqeta's Vidya Peters.

Prioritizing and accelerating strategic payments transformation initiatives will mitigate long-term revenue constraints and, if executed correctly, reduce total cost of ownership, says Icon Solutions' Simon Wilson.

Financial firms should offer debt consolidation and faster payment services to help employees who may be struggling through the coronavirus pandemic.

Factoring in customer behavior as an element in the risk profile can provide financial institutions with better assurances in their lending practices, consultants Maria Arminio and Bo Berg say.

Two credit unions' approaches to digital banking helped them provide superior member service as the coronavirus limited in-branch interactions.

Nobody likes making errors or admitting they make them, but they are a fact of life when you’re sending payments, says Nvoicepay's Deirdre Christensen.

Lenders need to use alternative data as an overlay to traditional underwriting methods to help creditworthy customers in hardship because of the coronavirus crisis.

In this uncertain environment, companies that are nimble and adaptive are rising to the challenge, finding new ways to navigate the crisis and embracing innovative electronic solutions, says Bank of America's Daniel Stanton.

The Federal Financial Institutions Examination Council is best suited to craft uniform policies to protect consumer data. A patchwork of state rules is cumbersome.