This year we have had to deal with Covid-19. Companies like Publix have transitioned to digital payments (e.g. Apply Pay etc) since people prefer payment forms that avoid unnecessary contact with surfaces. However when companies transition from traditional to digital payments they also have to figure out how to integrate gateways, processes, and capabilities that are secure enough to protect their customers and their business. In 3-5 pages (including references) explain how PCI compliance may assist with that.
How covid casue digital payment methods to strive.
SD:coronavirus has caused consumption in many industries to collapse
SD: in turn, led the volume of payments for the restaurant, transportation, tourism and other sectors to plunge.Even some e-commerce categories ranging from clothes to furniture have gone quiet.Highly vulnerable sectors account for roughly two-thirds of consumer-to-business payment volumes worldwide, Bain & Company estimates.
SD:With the disappearance of most international travel, cross-border transactions have dropped. The higher transaction fees and foreign-exchange spread in these transactions mean that cross-border payments represent more than half of revenues for many payment companies
SD:roughly 30% decline in 2020 revenues, on average, from companies with high exposure to cross-border payments, such as challenger banks Monzo and Revolut and some card networks
SD:Asia, where merchants and consumers leapfrogged over traditional payment solutions to nascent mobile phone offerings. Grab and Gojek, which both began in on-demand ride hailing, have built multifunction apps including payments, to increase customer stickiness. Singapore-based Grab offers food delivery, hotel booking, video, ticketing and travel. Gojek, based in Indonesia, has built a suite of services around its core two-wheeler transport, including food and parcel delivery, ticketing, moving and cleaning.
C: some payments companies have seen demand for their services take off LIKE Payment apps PayPal and Square Cash
How secure is digital payments vs traditional?
SD:in order for a company to let a new payment method in that have to be able to trust that their security and the consumers are scurcure.
SD:What makes them different from traditional payment methods
-DIGITAL PAYEMENTS reprioritize IT and business projects, postponing or slowing some, canceling others and accelerating those that further business continuity, such as digitalization of contact centers and middle-back office activities;
SD:SPIKE IN CYBER ATTACKS (FRAUD)SINCE THE PANDEMIC (UP 37%)
The transition from traditional to digital payment methods?
SD: However when companies transition from traditional to digital payments they also have to figure out how to integrate gateways
SD: After consumption collapsed, many payments companies focused first on stabilizing their business.
SD: Now they face medium-term challenges and opportunities, namely the accelerated transition to digital payments. Regulators, for instance, are limiting cash notes and promoting contactless payments.
SD: Some are making moves to earn the trust of consumers and merchants. Those that can afford to are going on offense to gain market share. And others are improving their credit risk assessment tools and working capital solutions.
C: shift recruiting to focus only on the highest-priority roles; TAKING a zero-based, clean-sheet approach to nonstrategic cost
How contactless payments changed society(how people move)? And what makes them so special?
SD: Leading companies have started to take action now that will put them in a better position through the economic volatility to come.
SD:PayPal job slots have more than doubled so far this year, including for its analytics team as PayPal aims to better understand the rearrangement of societal norms.
SD:reallocate resources to where they are most neededâ€”for instance, from central office to client suppor
SD:release additional cash trapped in the balance sheet through moves such as reducing the stock of point-of-sale terminals.
SD:Italy,recently offered small merchants use of its pay-by-link service for free through the service, customers can pay for products via email, text or social networks.
SD:UK, Paymentsense launched a dedicated website for taverns and small restaurants to take online orders. The site contains additional marketing resources such as guides to create a branded online page, build customer flyers or issue gift vouchers.
SD:, Ebury, a European fintech company, launched an initiative to offer financing to small and medium-sized businesses in the UK and Europe, initially to help them manage their working capital. E-commerce giant Shopify is offering cash advances to merchant clients in Canada. The cash advances are insured by Export Development Canada, and Shopify told the
that the advances are low risk and seamless, because the company can see the merchantâ€™s selling history and has all of the necessary financial data to make underwriting decisions.
C:HOW COMPANIES ARE evaluate one-off adjustments to managersâ€™ compensation
What made Publix switch to digital payments like many other companies?
-figure out how to integrate gateways TO COSTUMER
SD:Success in payments obviously requires excellent customer service to both consumers and merchants.
SD:Square -is providing clients with tips on how to keep their businesses thriving
SD:Clover provides a list of government, corporate and nonprofit resources that can provide aid
SD:PayPal, Intuit QuickBooks and Square were approved by the US government to distribute loans to small businesses. Intuit QuickBooks will also process payroll information to help more small businesses to get approved.
C:Itâ€™s too soon to guess when the coronavirus will abate, or for how long, or the duration and depth of the current economic downturn. Whatâ€™s clear, though, is that payments systems have entered a new phase of digital innovation. Thoughtful moves in the areas described here raise the odds of thriving through the digital shift rather than being rendered obsolete.