COVID-19 has massively accelerated the growth of e-commerce. What do innovation opportunities in Payments look like in post-COVID world?
Highline Beta has put together a special report on payments innovation opportunities and trends. Crisis Manifesto: Innovation Opportunities in Payments post-COVID examines global industry and consumer behavior shifts and features industry research and lessons from over 70 startup and corporate stakeholders. Companies will need to leverage collaborations with the FinTech ecosystem in order to innovate at light speed, across the full payments stack.
Key takeaways from the report:
Simple, Secure and Seamless: The pandemic has boosted digital payments, fuelling demand for contactless, seamless and secure payment options.
SMBs Turn to Digital: The impact of COVID-19 on payments has created unprecedented new opportunities for innovation at every level of the payment stack, particularly for SMBs.
10 Years in 8 Weeks: E-commerce penetration in the US climbed to 27% from 16% in just eight weeks of quarantine, shining spotlight on the need for Digital ID, improved security, payment finality and irrevocability, data-rich payment standards and APIs.
Social Networks as Payment Networks: People spent over $115 billion in mini apps on WeChat in 2019 alone. The battle for who will dominate the mobile payments industry is only just starting to heat up. What’s next? Native digital money.
The big rethink: The great acceleration has unlocked new ways to build products and services in loyalty, gaming, data markets, cybersecurity, lending, and more. Is your company ready?
“Change is not a threat, it’s an opportunity. Survival is not the goal — transformative success is.”Seth Godin