Role of COVID-19 in Skyrocketing Online Payments Globally

1. Role of COVID-19 in SkyrocketingOnlinePayments Globally The COVID-19 pandemic, single-handedly, has affected the lives of every singlehuman directly. Which is why social distancing has become the new normal for human lives to carry on. While every industry and market has been hit directly from the ongoing pandemic, the work cannot be stopped. Because the extreme can lead businesses and economies to collapse. To resolve the uncertain damaging situations, some diversions can sort your business problemsextensively. For any business, Cash flow is the king in a business and cannot be avoided at any cost. It is the heart and soul of an organization to run. Online payments will nowhelp businesses to resume their activities with physical distancing and following social distancing as the basic norm inCOVID-19. The steep rise in the usage of smartphones has also given rise to the downloads and usage of digital payment options. A recent report published by Statista has foretold that sum of transactions through overall digital medium will reach USD 4,769,370m by the end of the year 2020 and later a YoY increase of over 15% is expected to bewitnessed. The novel Coronavirus will significantly act as a catalyst in increasing its usage percentage multiplefolds. Let us now understand how COVID-19 will actually incline brands towardsacceptance of digital/online payments throughout theglobe. Coronavirus Outbreak’s Impact on Industry andMarket The sudden outbreak of the Coronavirus pandemic has brought the entire world toa shocking uncertain standstill. The completely ruptured demand and sudden halt has brought a significant impact on the manufacturing sector as a result ofconsumer

2. behaviour. As almost one-third of the world’s population is, right now, locked athome, their behaviours havechanged. Not just consumer behaviour, but the sudden lockdown has also compelledcompanies to either have a complete shutdown or work from home (whichever is possible) till the next possible situation to bring life back tonormal. As we are all aware that the coronavirus is here to stay and neither in the sight of the near future we will witness its complete disappearance. The side-effects are not limited to a list, but every business, every sector, irrespective of any boundaries is expected to witness the hard-hit. While many startups and SMEs are expected to vanish,economies are expected to go through a major recession than what we are already experiencingas first-hand experience oflockdown. But, in this current scenario, it will be interesting to see how the adoption rate ofdigital payments willrise. Factors Accelerating Digital Payments SolutionAcceptance Cash Will Significantly Lose itsValue With Coronavirus expected to stay on surfaces for more than 9 hours, currenciesare expected to be a lethal carrier of the virus. Countries like the USA, Canadaamongst

3. others have found their own way of dealing with it. From the major foreignexchange being reserved for more than 24 hours before circulating it back into the economyto washing currency notes in the laundry (Canadian Currency is Plastic BasedPaper), every country has devised its own measures. But, Majorly every economy issupporting online payments to help suppress outbreak to some extent, evenminor. Also, with the ongoing situation, there is a steep rise in the number of downloadsfor online grocery stores with 160% to 218%. Walmart Grocery and Instacart download numbers indicate the truth to theworld. Moreso, just like any other sector even banks are working with a minimal amount of employees. Thus, retailers and SMBs are finding it difficult to deposit cash.Therefore, the shift to receive payments online eradicates the chances of transmission or even thefts. With the increasing use of smartphones, more than 38% of consumers are preferringto opt for an online invoice payment system globally. Another study reveals that yet alone in Germany, post the COVID-19 outbreak, the download percentage has risen to fifty percent from 35 per cent. Such instances are seen worldwide and followed in other countries aswell. Accepting Online payments are contactless payments and do not needphysical intervention, apart from being secure and transparent. There are multiple factorspeople opt for online transactions over physical currencyexchange. Significant Increase in the Demand of E-Commerce after the Outspreadof Pandemic Being locked in houses people are opting for online shopping. Every E-commercestore that promises to deliver in time with contactless delivery is preferred by people. Even in countries with partial or no lockdown people are avoiding going out for shopping, rather staying in as a measure of social distancing to break the chain of the spread of the virus. Many retailers are more actively working to serve their online clients and othersare trying to get their software developed tofollow.

4. As a result of COVID-19, the practice to receive payments online has gone up by 28% in march for businesses in essential commodities. However, many other items suchas apparels, accessories, gadgets, automobiles, etc have made their shift to luxurygoods and consumer behaviour has changed towards them. Travel, tourism, andhospitality industries are shaking and at a complete halt because of travel bans across theglobe. More ExtensivePerspective The Coronavirus isn’t ending soon, we have already discussed this. And, it will eventually affect the lifestyle of every individual directly. There is a subsequentincrease in the numbers of transactions online. But, it is important to understand here, that currently only essential commodities are in demand and purchasing power hascertainly dropped with a sudden shocking recession. But, as soon as the life will get back to some extent of normal, with the ongoing changed behaviours, it is expected to witness the rise in the volume of digital/onlinepayments What are enterprises expected todo? Till 2019, the adoption of digital payment mediums was a choice. But, with current situations in 2020, the entire outlook towards digital payments has changed.Consumers have inclined towards it more, irrespective of the business type, sector, orcategory. AcceptingOnline paymentswill soon claim its throne over cash transactions.Therefore businesses should prepare themselves to completely digitize their invoicing and payments process by setting up automated solutions to send online invoicesand receive payments online with least humanintervention. Invoicing software will now play a major role than ever to help businesses curb the needs of digitization. While accepting the technology will take time but, automationwith customized solutions can accelerate the entire invoicing and payments process to help businesses benefit from the overall processefficiency.

5. How can Invoicerahelp you make amark? Invoicera is an online invoicing and payments solutionempowering over 3million businesses worldwide since the last 16years. Invoicera helps to automate and simplify your invoicing and payments with morethan 30 payment gateways. Apart from this you can also get the access toexpense management, recurring/subscription billing, client/vendor panels, timetracking, workflows, multi companies, multilingual & multi-currency support, staff permissions, financial reporting & analysis, purchase order management, sub-contractor billingand time management, comprehensive reporting and APIs for 3rd partyintegration. Invoicera also helps you to integrate with your existing legacy system & customize the invoicing/billing process as per your businessprocess. Just like you, we too want the Coronavirus pandemic to end soon too. But,remember changed human behaviour will change the entire purchasingtrends. Don’t forget, some advice is advisories. They should not beneglected. Get Free Softwaretrial Or Contactus