Driven by the pandemic, the last two years have seen rapid evolutions in the digital payments landscape, creating opportunities and challenges for merchants and payment providers alike. These evolutions have changed not only what we buy and where we buy it, but also how we prefer to pay— and now those consumer behaviors are shaping the future of payments.
According to a report by PwC, we saw “seven years of online growth in seven weeks”1 that inspired a huge conversion to digital. Given the importance of digitization in our financial lives, electronic payments are today playing an ever more central role, and digital continues to forge convenience. Shaping that transformation and aiming to nurture consumer loyalty, retailers are orchestrating in-store capabilities with a fulfilling e-commerce presence, serving consumers’ expectations and shaping their omnichannel experience.
Merchants and consumers expect choice at the checkout. Key players, like Barclaycard Payments, continue to invest in, evolve their payments offerings, and lead in unifying commerce. The pace of change and appetite for convenience are vividly observed in the nature of new consumer habits. That’s where fintechs have stepped up, innovating with ever more features and capabilities supporting customer and business segments with fully personalized customer services.
