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Could the COVID-19 pandemic ignite a mobile payment movement?

While the COVID-19 pandemic has been a boon for many services (e.g. remote work apps, e-learning tools and e-commerce solutions), the mobile payments industry has seen a huge plunge in numbers due to lockdowns, physical distancing measures and people reducing their discretionary spending. At the same time, retailers that have remained open are encouraging consumers that are making physical purchases to do so using mobile payment solutions as this reduces transmission risks. This has brought to light additional benefits of going cashless for many consumers, especially the ease with which it is to not deal with cash. Going forward in a post-pandemic world, we may very well see retailers implement cashless policies or create incentives for consumers to use such payment methods, kickstarting a larger-scale movement toward mobile payment technology in the long term.

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