COVID-19: What it means for the Payment Industry?

The payment industry has been remarkably dynamic in the last few years. Some of the indicators that add fuel to this notion are – dizzy valuations, double-digit growth rates, and rapid technological advancements. However, since the pandemic struck, the industry has witnessed a small decline in volume. Yet, the data suggests that the pandemic has brought about a positive impact on the industry.

Revolution in the digital payment world:

overwantsThe economic uncertainty brought by the impact of COVID-19 on the economy has caused consumers to be more mindful of their spending. People have started analyzing their spending trends and prioritizing needs over wants. Today’s cautious customer spending has affected the revenue of card issuers whose primary source of income is the interchange fees. The payment processing industry has also been similarly impacted. Since social distancing has become a way of life, people are now more cautious in terms of carrying and exchanging cash. This practice has in turn given rise to digital payments.

The 180-degree transformation of shopping behavior has created opportunities for merchants to turn to digital payment mechanisms.

Impact of COVID-19 on business:

The payment industry has witnessed a massive change as the power of technology has ensured the rise of new-age merchants, retailers, and enterprises. Smooth payment experience, renewed quality of service, and technological advancements have led to consumer satisfaction. Merchants also partner with unique players like Innoviti Technologies to create differentiated payment experiences for their customers through Innoviti genie.

Below are some of the exciting benefits of Innoviti genie:

• Tie up with all leading brands and availability of Brand EMI schemes
• 2 lakh pre-loaded monthly EMI wallets that can be used to sell anything in their store on Zero CostEMI
• Instant cashback of up to Rs 999 on every transaction
• Available on over 110+ bank debit and credit cards
• Availability of bank EMI schemes

Conclusion

In understanding the impact of COVID-19 on the economy, it can be understood that adopting digital payment methods is the way forward. When customers are rewarded with flexible payment options, cashback, and schemes, they are automatically compelled to purchase. In this way, customers feel more supported in their purchase decision thanks to Innoviti Technologies. These purchase tools empower merchants, who can offer their consumers a hassle-free shopping experience and a social distance-friendly mode of payment option.

Retailers are transforming their businesses with the cutting-edge digital payment methods offered byInnoviti genie. What are you waiting for?