The potential impact of COVID-19 is becoming clearer and most firms are now in full business continuity mode. The banking industry’s market value has already taken as big a hit as it did in the 2008 crisis, but the industry is in a much stronger starting position to weather the storm. Banks are well capitalized, with far higher loss absorption capacity. Central banks are intervening proactively to support credit markets to prevent a repeat of the liquidity domino effect of 2008. Payment systems are functioning well and are considered an essential service not subject to shutdown.
We have identified 10 impacts which COVID-19 is likely to have on the payments industry, and which we believe will influence payments providers’ actions today and tomorrow:
7 things payment providers can do now
Payments organizations should act urgently to moderate these impacts for their customers, their people, their partners and their businesses.
What's on the horizon?
The focus of payments providers’ actions will necessarily be short term, but many of the measures they take now will lay a foundation for future sustainability and growth.
We hope our deep dive into the implications of the crisis provides some nuggets of insight. As your business partner, we stand ready to provide whatever support you may need.