Throughout the months of the Coronavirus pandemic, there has been an increase in online payment and shopping as the world we know changes into a more digitally reliant space. From grocery shopping to schooling, every aspect of life has become digitized for us to continue to push forward in day to day activities.
Great examples of this change to digital means would be the financial industry and small businesses. Brick and mortar businesses faced a grave decision as to if they should completely close their doors or transition to conducting business as usual via online merchant stores and web landing pages. For the few stores or businesses that were able to stay open, physically contactless payments became the new way to obtain customers. Many online businesses are seeing an increase in their revenue and sales. During the Christmas season, online payments amounted to the majority of how gifts were purchased causing a backlog of delivery services for UPS, FedEx, and the United States Postal Service. “A recent survey cited in the report revealed that a double-digit share of online shoppers was buying more digitally due to COVID-19, and some of them adopted the practice for the first time during the outbreak.”
Mobile and online banking saw a large increase in usage from previous years 2018 and 2019. As stated before, with small businesses the remodeling to contactless and online payments changed the normal ways of banking for several well-known companies. Companies such as Zelle, QuickPay, Venmo, etc. are seeing increases in the number of accounts being made via their personal site or through bank institution partners. This method of electronic funds transfers and payments are often done instantly saving time and money for many users and even businesses. Paypal and other companies are also seeing an increase in usage as they serve online, mobile, and contactless payments. QR codes and POS systems are helping to expand the contactless payment system which will continue to increase in the future.
iMerchant is set up to help bring businesses along through these current times. Check out our POS system, PassPay, and PayLater for your business needs.