Technology

Bank bill-payment sites have become less relevant over the last decade as more people go to billers’ websites to pay directly or use billers' mobile apps — often at the last minute. But the COVID-19 pandemic could flip the script on the $4.6 trillion bill-payment sector.

With a target of doubling its customer base to six million by 2021, Saudia Arabian digital wallet STCPay will operate through banking software company Temenos to expand its payments and mobile banking reach throughout the Middle East.

The trends were already pushing new payment experiences, which now seem less futuristic, says VeriTran's Omar Arab.

The industry has long talked about embracing digital technology — but the time for talk may be over.

The threat has been exacerbated during the pandemic, as shelter in place orders forced consumers inside and businesses to close their physical doors, while simultaneously opening online ones, says Sift's Kevin Lee.

In July, the OCC issued a letter clarifying that federally chartered banks can store cryptocurrency assets for their clients. A recent global survey finds that many are wary of the risks.

Parking payments have long been a pain point for many motorists, but it's a category that has also resisted a shift to mobile or digital payments in many regions.

Retailers that provide customers with their preferred way to pay — visible or invisible — will be the ones who prosper in today’s competitive marketplace, says PPRO's Matt Jackson.

Nexi SpA is already hunting for its next target after agreeing a milestone payments merger with Italian rival SIA SpA, as consolidation in the sector shows little sign of easing.

A survey of leaders across financial services finds that the COVID-19 pandemic has spurred companies in every industry to dramatically accelerate their adoption of AI and automation — even in cases where investments to date have proven inconclusive or disappointing.