The Impact of the COVID-19 Pandemic on Commerce and Payments

Digital payments will continue to grow in usage, contactless payments will increase, and cash usage will diminish.

Boston, August 18, 2020– With thousands of businesses closed, unemployment at record levels in some markets, and the prospect of a long and inconsistent recovery, businesses need new tools to reopen and prosper. Payments are an essential part of the recovery, as the degree of friction created in the transaction may have a direct impact on sales. The pandemic also creates an opportunity to reassess priorities and strategies and explore new ways to do business.

This report describes the impact that the pandemic has had on commerce and economies, identifies issues that impact retailers and merchants, suggests actions to be taken to strengthen the business and to improve payment processes, and identifies strategic opportunities that could be valuable as the global economy moves to the “next normal.” It is based on market intelligence and insights developed by Aite Group from previous research as well as available public sources.

This 21-page Impact Report contains six figures and one table. Clients of Aite Group’s Retail Banking & Payments service can download this report, the corresponding charts, and the Executive Impact Deck.

This report mentions Alipay, American Express, Apple, CVS, Discover, Google, iDeal, Mastercard, Samsung, UPS, Visa, and WeChat Pay.

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