The new coronavirus pandemic and the associated stay-at-home orders globally have given digital payments a massive boost. Payments processor SafetyPay, for example, reports that 90% of transactions through its platform are digital today. Before the pandemic, that figure was around 70%. NovoPayment, which develops payments back-end systems for financial institutions, has seen growing interest in contactless payment tools. Smart Beta Fix, a Mexican digital payment and collections start-up, has also seen more interest. Yet, although cash has fallen sharply as a means of payment in Latin America, and cards, account transfers and mobile payments have gained ground, experts differ on why uptake is not faster still. For Omar Arab, executive vice president of corporate business development at VeriTran, the low adoption is tied to an issue of resistance to online transactions. “Many consumers still feel more comfortable using traditional payment methods, given their simplicity, universal acceptance and a sense of control and security,” says Arab. “One of the biggest efforts we have to make during this crisis is to give confidence [to consumers], and give them payment alternatives with very good UX – so that, when the crisis ends, digital payment methods become their preference,” says Allan Flores, co-founder and CTO of Smart Beta Fix. While a huge amount of uncertainty remains, experts agree in that the prognosis for digital payments is positive.

https://iupana.com/2020/05/04/digital-payments-after-covid/?lang=en&mc_cid=e1f9fbfdc9#widget/?lang=en&mc_cid=e1f9fbfdc9&mc_eid=41a36e5af5