COVID-19 has had a massive effect on the world’s economy, leading to a drastic decrease in spending and changing the way consumers pay for goods and services. This impact on businesses today can be seen particularly in commerce where there has been a sharp increase in touchless transactions and companies undergoing rapid digital transformation or promoting new technologies to ensure a safe and secure check-out for their clients.
Not only have businesses shifted but many consumers have also adapted to this new way of making purchases out of necessity, and many have been supported to make the digital transition. For example, in some regions people from low income groups of the economy have been provided with free computers; similarly, younger generations have helped educate older members of their families on how to access and utilize the power of technology.
Accelerated Adoption of Technologies by Merchants
COVID-19 is not leading to the development of new technologies but rather a much faster and more widespread adoption of technologies – like contactless and mobile payments – that already existed. Certain technologies are seeing increased relevance because of the pandemic, and this trend will last well beyond the current period of the crisis.
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