Mobile payments

Luxury has gone out the window during coronavirus when it comes to credit card rewards point redemptions, according to new data from PayPal on where people are redeeming accumulated rewards.

To truly bridge the gap for moving small-dollar transactions to mobile and contactless, vast areas of the retail industry will need to adapt to accept cashless transactions.

Whether they take the form of a mobile wallet or a touch-free credit card, contactless payments are poised to take off as consumers — wary of using terminals and ATMs or handing cards back and forth — change their habits.

The Biblical narrative of the Tower of Babel was meant to explain why people throughout the world speak different languages, but in the modern-day payments version it apparently applies to the complex and problem-ridden transaction chargeback process.

Traditional U.K. businesses found innovative ways to serve their customers under coronavirus restrictions. Iconic London black taxi cabs, independent local community pharmacies, old-fashioned pubs, and QSRs have turned to in-app mobile payments to enable their businesses to carry on.

Mobile payments and open banking open a new world of access, but also a need to shore up data protections, says Global Processing Services' Shaun Puckrin.

Backed by its consumer survey acknowledging a significant shift in payment preferences to contactless options since the COVID-19 pandemic, Fattmerchant is launching software that can quickly add contactless payment acceptance for its merchants.

For Starbucks, the pandemic’s emergency workarounds are also a proving ground for a retail concept that could change the way people visit quick-serve restaurants.

Latin America is seeing a surge in digital wallet adoption as governments seek ways to disburse coronavirus aid to vulnerable citizens, and consumers look for safe alternatives to cash.

As treasury departments modernize, new ways to serve consumers also arise, says Icon Solutions Lauren Jones.