{"id":15253,"date":"2020-08-26T11:28:05","date_gmt":"2020-08-26T11:28:05","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=15253"},"modified":"2020-08-26T11:28:05","modified_gmt":"2020-08-26T11:28:05","slug":"5-payment-trends-covid-19-is-pushing-into-reality","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/5-payment-trends-covid-19-is-pushing-into-reality\/","title":{"rendered":"5 payment trends COVID-19 is pushing into reality"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">There has been a lot of talk about how COVID-19 is changing the future of payments. The reality is that it\u2019s not really changing the future of payments as much as it\u2019s ushering it into reality much more quickly than anyone expected. Here are the 5 biggest examples of this:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Payments are going mobile.<\/b><span style=\"font-weight: 400;\"> As consumers see how easy and convenient mobile payments are, plastic cards will increasingly become an artifact of the past.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Mobile self-checkouts are becoming the new normal.<\/b><span style=\"font-weight: 400;\"> Safety is critical as we seek ways to get back to some sense of normalcy. As software-based points-of-sale become more popular and more affordable, we are likely to see a drastic reduction in face-to-face checkout interactions.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Payments and loyalty are merging. <\/b><span style=\"font-weight: 400;\">As personal mobile devices become increasingly linked with shopping experiences, merchants can more easily build deeper and more meaningful relationships with consumers. This is likely to lead to loyalty schemes being integrated with mobile points-of-sale and self-checkout options.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Bank accounts are becoming commodities.<\/b><span style=\"font-weight: 400;\"> Current accounts have long been an entry point for banks, viewed as a way to build loyalty to sell products. But we\u2019re now entering the era of the bank account as a commodity, with companies like Google offering accounts as a way of ensuring their platforms give added benefits in terms of convenience, product range and personalized approaches.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>We are going cashless. <\/b><span style=\"font-weight: 400;\">The use of cash was already dropping before the COVID-19 pandemic. With increased concern over how physical cash poses a health risk, this trend has grown, and cash will likely never return as consumers come to appreciate the full value of cashless options.<\/span><\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-15253 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='4 considerations when starting to develop artificial intelligence'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/4-considerations-when-starting-to-develop-artificial-intelligence\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/01\/1_bOjZOZb7JKvYynEKKi0Mog-150x150.jpeg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8047\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8047'>\n\t\t\t\t4 considerations when starting to develop artificial intelligence\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='BFC FinTech Monitor 4th \u2013 11th August'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/bfc-fintech-monitor-4th-11th-august\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2020\/08\/cabec00d-a638-47c1-b532-2e3e043cc9901-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-15211\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-15211'>\n\t\t\t\tBFC FinTech Monitor 4th \u2013 11th August\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='3 key areas for a future with open banking'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/3-key-areas-for-a-future-with-open-banking\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/3-key-areas-for-a-future-with-open-banking-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-13041\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-13041'>\n\t\t\t\t3 key areas for a future with open banking\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>There has been a lot of talk about how COVID-19 is changing the future of payments. The reality is that it\u2019s not really changing the future of payments as much as it\u2019s ushering it into reality much more quickly than anyone expected. Here are the 5 biggest examples of this: Payments are going mobile. As &hellip;<\/p>\n","protected":false},"author":12,"featured_media":15254,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15253"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=15253"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15253\/revisions"}],"predecessor-version":[{"id":15255,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15253\/revisions\/15255"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/15254"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=15253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=15253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=15253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}