The payment and retail landscapes were already undergoing a massive digital transformation before COVID-19 hit. Spurred on by new technologies, customers and business owners have been increasingly seeking out bill pay and checkout experiences that reduce friction; speed up processing and funding times; and eliminate unnecessary wait times or interactions.
Since COVID-19 has made its unfortunate appearance, though, preferences for faster and more digitized payment processes are only growing more urgent. Now, excessive human interactions aren’t just time-consuming, but a potential safety risk. Online shopping and bill pay methods aren’t just convenient; they help maintain social distancing. Mobile order-ahead and contactless payments aren’t just trendy, they provide greater peace of mind.
Now that we’re several months into the COVID-19 pandemic, most business owners and shoppers aren’t gripped by the same fears and uncertainties felt earlier this year. Storefronts are open and people are shopping, yet now with more restraint and considerations in mind. As the world adapts to the coronavirus, several payment innovations are coming out ahead—including some that only mattered to fintech industry insiders mere months ago. Keep reading to learn about 4 payment technologies that have not only shot ahead during COVID-19 but are on track to stick around even after the pandemic passes.