Payments

The immediate lockdown of the nation’s economy in response to attempts to flatten the coronavirus infection curve has had a widespread impact on the revenues of all businesses, particularly small ones that are more susceptible to economic disruptions.

As innovation proceeds faster than expected, small firms will need to work with larger firms to meet the new demand, sayd DealRockit's David Carmell.

The coronavirus dealt a double blow to procurement, cutting off both goods and money. Banks and e-commerce firms are relying on partnerships to tweak payment tools to rescue the market.

In a sign of the rapid shift to digital transactions, MoneyGram reported that its digital transactions grew by 100% in May, compared to the same time last year.

Manual work is time-intensive and resource-draining, especially when it involves high volumes of data across disparate systems. When it comes to payments, this can get really complicated with all the moving pieces, says Global Payments Integrated's Ashley Jones.

The economic impact of the coronavirus pandemic could lead to the ongoing expansion of workers’ access to early, or earned wages (EWA) through advances and instant payouts, including to new types of users.

Mondial Bony has partnered with Credorax to launch the MondialPOS merchant acquiring solution in Italy to address the country’s shift to e-commerce amid coronavirus.

Identity fraud holds no prisoners when it comes to payments. If a fraudster gets hold of a consumer's credentials, everything from mobile wallets, to a checking account, savings account or P2P account is in jeopardy of takeover.

Meeting customers where and how they want to pay is critical for completing transactions, and while retailers want to offer as healthy and safe of a solution as possible, but that can be expensive and complex, says Merchant Advisory Group's John Drechny.

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