Embracing Change - Touch-free and Beyond
Keith Douglas, Executive Vice President, Mastercard Payment Gateway Services
We’re seeing a step-change in how people want to pay. Social distancing is keeping us away from our friends and loved ones, but by necessity, we are becoming more digitally connected than ever before – including when it comes to paying. This evolution is likely to continue post-coronavirus, as even slow adopters realize the benefits of moving to digital payments.
Coronavirus has sped up a change that Mastercard has worked towards for more than 15 years – fast, seamless and secure checkouts for consumers and merchants, and resilience for businesses. We’ve worked with industry partners across sectors to empower smarter and safer payments for customers.
Evolve your checkout – digital touch-free payments can boost holiday sales
Martijn van Os, Senior Vice President, Mastercard Payment Gateway Services
The holiday shopping season is fast approaching. With COVID-19 keeping consumers away from public places and the economic uncertainty hurting their wallets, many retailers are worried shoppers will stay home and moderate their spending. For businesses banking on huge events such as Black Friday to boost their bottom lines, this adds to an already challenging year.
However, research suggests there may be some merriment this season. In the United States, most consumers plan to spend the same or more than last year on gifts, and e-commerce during April and May was double that of 2019 – 22% vs. 11% of all retail sales. While people may still be cautious of going back into physical stores, there is a growing appreciation for the benefits of digital commerce. In fact, 47% of consumers across 15 countries say that even after the threat of COVID-19 passes, they’re likely to spend less time in stores.
Big leaps for small businesses
David Moore, Director, Mastercard Payment Gateway Services
We have all faced challenges during COVID-19. We’ve adapted routines, worn masks, and followed new safety procedures everywhere, including the small businesses that are, more than ever, powering our everyday lives: cafes, family-run stores, corner shops, and more. But imagine being on the other side of the counter – running a small business right now, balancing safety and convenience while watching your revenue disintegrate.
The issues facing small to medium-sized-businesses (SMBs) are often overlooked, yet they make up about 50% of global GDP and employ two-thirds of the world’s workforce. In the United States in particular, an unwillingness to apply for bankruptcy due to the long-term impact on their credit score makes their problems virtually invisible before they go under. Many simply close their doors – between March 1 and July 25 this year more than 80,000 SMBs in the U.S. have closed their doors, according to one report.
NEW: Judopay looks to a touch-free future with Mastercard Gateway access
Judopay, a leading mobile-first payments provider, today announces its partnership with Mastercard, which will further increase Judopay’s network with a direct route to Mastercard's Payment Gateway Services global acquiring ecosystem. Read more.