There are changes driven by choice, and there are changes driven by necessity. In the world of payments and commerce, the pandemic has produced both. It has forced all manner of businesses — younger firms, firmly entrenched enterprises, domestic players and international conglomerates — to create or rapidly accelerate their digital journeys.
Those journeys have taken various forms. Some have cemented and connected ecosystems. Some have built online platforms and brought stakeholders together while monetizing interactions. But taken in the aggregate, it’s clear that payments are fast becoming the fuel that “powers” digital transformation.
Leveraging the power of payments to help shape new business models is one way to get through the pandemic. It can provide the motivation to emerge on the other side of this public health crisis ready for consumers’ demands that firms meet them where they want to be (online, in-store or a hybrid of those conduits) and pay the way they want to pay.
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