The Irreversible Rise of Digital Transformation
August 16, 2021
The constant evolution of payments has dramatically accelerated in less than two years. For a decade, the digital payments industry was driven by steady technological innovations and new business models that evolved logically from older business models. When the global pandemic arrived, the pace of this digital transformation suddenly changed. Instability in almost every regional economy provided the pressure needed to drive new ways of doing business with a wide range of all new digital tools.
The team at PYMNTS spoke with a variety of CEOs, C-suite executives and senior corporate leaders about the “next normal” and the lasting, deep-impact trends of the pandemic era on the digital payments industry.
Deeper Digital Transformation Continues
If the pandemic has driven merchants and consumers to connect with an all new digital ecosystem, the next step is optimizing those connections with a seamless consumer experience across every channel. Forward-looking merchants require versatile, all-encompassing solutions. Offering same-day merchant approvals, has become the new normal in merchant acquiring.
An omnichannel consumer experience requires linkage between multiple channels in order to provide that seamless experience. The ability to offer consumers choice in how they shop, where they shop and how they pay will become essential as buy now, pay later (BNPL) platforms and social commerce marketplaces become more relevant to the pandemic and post-pandemic economy.
While the global economy remains in a state of transition, the consensus of a panel of nearly three dozen CEOs is that the emerging digital economy will soon be irreversibly faster, smarter, and more accessible to more merchants and consumers.
Read more about the rise of digital transformation in this ebook on PYMNTS.