Reflecting back on 2020, it was one of a kind year.
Although the pandemic brought unprecedented challenges, the pandemic altered the usual way of life. The ‘new normal’ of life disrupted various industries ranging from the travel industry to the healthcare industry. With the new year comes new trends and lifestyles – Looking at the payments and fintech industries, we would like to highlight two exciting of the nine payment and fintech predictions for 2021 from this Forbes article.
Shift in Payments to Remote
With more people working from home due to the pandemic, online shopping and payments are predicted increase while foot traffic at stores and boutiques will decrease in 2021. The online transaction experience may appeal to people as it a seamless and efficient way to purchase an item, make a payment, etc. after a few clicks. An example of a seamless and efficient transaction experience is when purchasing an item on Amazon, a titan of e-commerce.
Small and Medium Sized Businesses will Increase in Popularity
With the increased popularity in online shopping and payment, small and medium sized businesses (SMEs) may see an increase in sales. First hand, I have witnessed small mom and pop shops in San Francisco Bay Area convert their payment system to an online payment system, such as Square. Through a platform like Square, these shops are able to not only execute online sales, but also communicate and continuously market to people through emails. Another driver is people’s preference to shop at SMEs due to a preference to not be inside of a shopping mall especially during the pandemic.
To Read the Rest of the Predictions Here.
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