Article from PYMNTS.com eBook 20 Payments Execs On COVID-19’s Ripple Effects — And Taming The Next Black Swan
By Drew Edwards, CEO at Ingo Money
COVID-19 And The Acceleration Of Digital Payment Adoption
With the black swan event of COVID-19, not only have the markets been adversely affected, but daily life as we know it has been altered dramatically, at least for the foreseeable future. Things we often took for granted — heading out to work and to school, going to sports and theater events, eating out, traveling internationally — have all been paused or put into question.
As an instant payments company, we have learned from past events that business continuity and pandemic planning is a core part of the payments business. We have learned from previous unpredictable events that preparing for pandemics isn’t just an academic exercise meant to satisfy some compliance auditor. Money flows and payments are considered “essential,” especially in times of emergencies, and making sure that our solutions continue on time and as promised is no less important than hospitals remaining open to service the ill.
Luckily, we live in an increasingly digital world — more so than during past events — and as leaders in driving digital payment adoption, we are fortunate that the tools are available to us now to ensure 24/7/365 uninterrupted service levels. We can continue to employ our human capital from at-home work situations, and we have made sure our technology exists in hardened and redundant environments.
Social distancing doesn’t have to stop the flow of money in today’s digital world. Whether we are talking about spending money or receiving money from a disbursement, we will likely see the acceleration of digital payment adoption. Consumers and small businesses will have a greater opportunity to pay and be paid virtually, without the need to physically go to a store, visit the bank or handle cash or paper checks. Additionally, instant payment adoption may continue to grow, with more just-in-time consumers needing faster access to funds to pay their bills and make ends meet.
As COVID-19 forces us all to adapt to potential changes in how we live, interact and handle our daily tasks, we can be confident that digital payment solutions will continue to improve, providing more immediate access to funds, especially for those who need it most.