Preparing for the Post COVID-19 World: Implications for Global Payments
Getting ready for the explosion in digital payments triggered by COVID-19
Social distancing, lockdowns, and other restrictions unleashed by the COVID-19 crisis is driving people to switch to online modes to buy essentials and other necessities. As people shop from the safety of their homes to protect against the virus, financial institutions are experiencing an explosion in digital payments. While financial institutions have so far ensured the availability of digital modes of payment without any major disruptions, it is impossible to predict how the crisis will play out in the coming weeks and months. To assess the impact of COVID-19 on digital payments and prepare for unforeseen situations, banks will need to expand access to digital touchpoints in a secure manner while ensuring round-the-clock availability.
Ensuring seamless payment services during the COVID-19 crisis will require banks to
- Scale up digitalization initiatives
- Upgrade infrastructure to support growth in digital payments
- Open data access and leverage analytics to design personalized offerings
- Step up cybersecurity, cyber surveillance, and financial crime controls