COVID-19's impact on payments: Five key lessons | Bank Innovation | Bank Innovation

COVID-19’s impact on payments: Five key lessons

As the broader market impact of coronavirus comes into focus, it’s important for payment stakeholders to step back and reflect on the key lessons learned thus far to serve as a guide for the future. In this report, we highlight five lessons that we anticipate will leave a lasting imprint on the industry moving forward.

The 451 Take
In the words of Maya Angelou, “You can’t really know where you are going until you know where you have been.” This serves as prudent guidance for payments industry stakeholders as they begin to hone their go-forward strategies for Q4 and beyond. Market participants must accept that the past several months have ignited a wave of change that will forever alter the payments landscape. The adoption of new commerce and payment behaviors has accelerated, and the role and business value of payments technology has been permanently elevated. Now more than ever, agile and adaptable payments infrastructure capable of optimizing costs, revenue and processes is required to compete effectively in the future of commerce.

Five key lessons
The current commerce landscape looks radically different from the one we exited 2019 with. COVID-19 has accelerated the pace of change in the industry, bringing forth a range of new competitive requirements. Below, we discuss five key lessons that payment stakeholders should take into account as they plan for the future.

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