The number of markets into which any merchant can now sell their goods is constantly expanding. We’ve written previously about emerging markets and the payment options they require, and COVID-19 has done nothing to slow down the relentless rise of e-commerce.
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The era in which a merchant could simply accept payments for their goods in cash ended a long time ago. In recent years, we have seen the rise of multiple payment options across all areas of business. We’ve written extensively about the practicalities of dealing with these payment options in the past, but the importance of partnering with a Payments Service Provider (PSP) has really been underlined by the events of the past year.
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Merchants dealing with the huge number of payment options currently available might have thought that they were staying on top of things by offering their customers payment by cards, digital wallets and bank transfers. However, any merchant wishing to keep up with the competition now has to consider offering the buy now pay later option.
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If your business operates on a global basis then there’s every chance that you already offer a broad range of payment options. We’ve written previously about the payment compliance regulations in place around the world and the different payment methods which are most popular in emerging markets.
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One year on and the impacts of COVID-19 on payments is clearer, with the industry looking forward to coming out of the storm. But what are these impacts and how will they influence the market? We have identified 10 impacts which the pandemic is likely to have on the payments industry in our latest article.
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