The Payments Innovation Podcast from Currency Cloud is dedicated to helping businesses navigate today’s global digital economy through in-depth discussions with industry leaders and experts. Recently, Meta’s SVP Product & Marketing, Jennifer Worley, was invited to join host Chris D’Antuono to discuss the pandemic’s effect on the movement of funds and the accelerating global trend toward digital payments. Over the course of the interview, Worley highlighted several ways in which the pandemic has sped up industry changes that were already underway before the outbreak of Covid-19.
1. Contactless payments prove their worth. The use of paper money has been declining in usage for years, but the pandemic has caused an immediate shift away from cash as a method of payment. “There’s an old adage about cash being dirty,” Worley said. “That’s causing people… to move the needle on contactless digital payments.”
2. Businesses go digital. With consumer preferences moving rapidly toward fast, easy and safe digital payments, businesses are finding it necessary to invest in their own digital transformations. Pre-pandemic, this trend toward digital payment acceptance was slow moving. Now, for many SMBs, it is a matter of survival.
3. In a crisis, speed saves. For both consumers and payment recipients, speed and ease appear to be central demands. This preference is underscored in a crisis, when people’s livelihoods may depend on how quickly they are able to access their funds. Additionally, companies moving to digital disbursements find that removing the friction from an outdated, check-based model leads to significant bottom-line savings.
Worley concluded that payment companies who were ahead of the curve in terms of technological innovation before the pandemic have been the ones best prepared to take on the challenges of a socially distanced world.
Listen to the full Payments Innovation Podcast episode and read the Currency Cloud summary here.