Consumers have now turned to online shopping to purchase groceries because of lock down regimes and store closures. The Covid-19 situation is not only transforming the way consumers purchase but it is also affecting the payments for the retailers. Contact less payments received an extraordinary boost as a clear way to pay in the store during the pandemic. Consumers who try out new methods for sending payments online while buying from websites have the strongest protection against fraud losses.
Overall, the online payment volumes are expected to reduce in 2020 because of the losses in travel and store segments but it may resume in the next year and benefit from the shift to the cashless payments and online shopping. The effects of the Covid-19 on online payments, global B2C E-commerce and B2B E-commerce as well as selected online verticals i.e. fashion, airlines, food delivery, education, travel, gaming and luxury reported in the recent news. During the pandemic, customers have used credit cards to do the online payment. Some of the consumers who prefer to shop online mostly do payments through digital wallets like Paypal and debit cards.
Online selling needs to be supported just like when sales happen in the businesses physically by a reliable payment system which will also make payments processing an effective and easy experience for the purchasers. Thus, the changes to the business may be required to stay profitable. A double-digit share of the online shoppers purchasing daily through e-commerce websites and some of them adopted the practice during the outbreak for the very first time. The share for the retail sales globally generated by using e-commerce which is rising day by day as a result that it is projected to reach one-third by 2024.
Therefore, Covid-19 has impacted a lot of people and businesses. Majority retailers now prefer to take orders online and pay through debit/credit card. People also prefer to shop online during the pandemic. This pandemic has provided a lesson to many people who have taken their jobs granted and doesn’t feel good about normal life. People now waiting for the pandemic to get over so they can go and shop easily without sending payment through card. Covid-19 has made everyone realize the value of everything. It is not only about living a normal life but to maintain social distancing and wearing a mask even after Covid-19 will make the people live a normal life.