Predictions are hard to make. You consume as much information as possible, listen to smart people, and then you process and combine what you learned to come up with some conclusions. This is how we use to do it anyway. Before Corona that is. Now, nobody knows, and we get new information every day. It is impossible to know how, what and when we will face the new normal. So what do we do? I think there is only one you can do in times like this. Make the unknown your friend and stick your core values. Because somewhere in all of this there is an opportunity…
THE NUMBER OF EARLY ADOPTERS JUST GOT HUGE
Fintech and payment business is the perfect example of a vertical where the customers have all the power. No users equal no value. The number of people using cash in Europe decrease every year. There are, of course, geographical variations, but the trend has been clear for many years. This is driven by increasing support from governments and industry players in promoting cashless payments.
So, in other words: the potential number of users is growing, and they are looking for a new way to make their payments. Because of Corona we now see a broader acceptance and stronger demand for contactless payments.
This will speed up the evolution big time. Because once these new habits are established, there will be no looking back. For providers, like Westpay, that have a relevant and proven technology, the priority right now is to stick to the plan and continue to offer solutions that make a difference.
So, in a situation when even the World Health Organization (WHO) recommends us to use contactless, we know that things will change faster than expected. One could think that this only has an impact on card usage, but this will also boost other alternative payment methods. Because on the other side you have companies trying to survive. They try anything at this point to save their business. Mobile payment and e-com are, therefore, areas where we will see the increasing interest and acceptance.
SO, WHAT DOES THIS MEAN FOR WESTPAY?
As a provider, we have several take-ups on this situation. First, it is a confirmation that our services and solutions are relevant, given the circumstances. Secondly, it tells us that our responsibility as thought leaders is more important than ever. This is the time for our customers to get the necessary know-how about what type of payment solution they should aim for. Our offering “Payment Solution Advisory Assessment” is the perfect match for this, and we also see several of our customers make the necessary steps to get future-safe.
It might seem far away, but before we know it, this Corona situation will hopefully be behind us, and business will be up and running again. But remember, there will be a new normal where e-com, contactless and mobile in a nice collaboration will be the new standard, because of end users’ new habits.
Our focus right now, is to help our customer so they are where you expect them to be once the wheel start moving.
It is easy to think that innovation slows down in crises, but it is the opposite. At Westpay we are using all our fintech expertise to advise our customers. By being their payment architect we proactively support them in identifying and taking their next steps.