- The coronavirus has been a catalyst for big changes in the way consumers spend and pay.
- Ongoing trends like contactless payments and buy now, pay later are accelerating.
- New trends are emerging, like consumers’ preference toward buy online, pick up in-store.
- Here’s how banks, credit card companies, fintechs, and investors are thinking about the new norms in how we shop and pay.
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From banks to credit card companies to retailers, the coronavirus pandemic has impacted virtually every player in the payments industry.
Ongoing trends, like buy now, pay later and contactless payments, have been accelerated. And new norms in the way we shop, like buy online, pick up in-store, are emerging.
We’ve spoken with execs across the payments ecosystem to understand what’s changing, and how they’re looking to establish the ‘new normal’ as shops reopen and stay-at-home orders lift.
Here’s everything we know about the future of how we’ll shop and pay in a post-COVID world.
Reimagining retail for a post-COVID world
- SARS created the perfect storm that changed how China shopped forever. The coronavirus could do the same for the US.
- $85 billion e-commerce giant Shopify is trying to make banks irrelevant for small businesses. Its chief product officer lays out why.
- Here are 8 companies, from giants like Shopify to seed-stage startups, that are getting a massive boost as shops and restaurants embrace curbside pickup
- E-commerce giant Shopify just launched a way for retailers to transform stores into fulfillment centers by quickly adding curbside pickups
- Retail will need to be reinvented after the pandemic. PayPal cofounder Max Levchin lays out the future of brick-and-mortar, and the 'software fight' that will go on behind the scenes
Buy now, pay later
- Snoop Dogg-backed fintech Klarna is taking a page out of Amex's playbook and launching a loyalty program to edge out its buy-now-pay-later rivals
- Buy now, pay later startup Affirm just launched a high-yield account with an eye-popping rate. Its CEO explains why the startup wants to cater to both saving and splurging.
- Startup QuadPay is dramatically expanding its reach by partnering with payments giant Stripe to offer shoppers the ability to buy now, pay later at any store
- Tencent just snapped up a $250 million stake in Afterpay. Now the 2 are gearing up to bring buy-now-pay-later options to China's massive e-commerce market.
- Buy now, pay later startups are surging. But Affirm CEO Max Levchin says the industry will see a shakeout as the pandemic hits borrowers.
- Buy now, pay later startups are 'having a moment' - here's why retailers like Walmart and Target are betting on installment payments to keep consumers spending
Foto: Source: Samantha Lee/Business Insider
Banks, credit cards, and contactless payments
- POWER PLAYERS: Meet the 8 PayPal execs shaping the payment giant's future as its stock rockets to record highs and e-commerce surges
- $1.9 billion fintech Marqeta is on a hiring spree and eyeing M&A as its partners like Square, DoorDash, and Instacart rely on virtual card issuing
- Digital bank N26 just raised $100 million. Now, it's rolling out features like contactless payments as users seek a safer way to pay.
- A Mastercard exec lays out how a surge in contactless payments is giving the company an unexpected boost as people rethink touching cash
- Credit card rewards programs are getting upended as travel grinds to a halt. Here's what Chase and American Express are doing to keep 'top of wallet' status.
- Digital-only banks like Chime are seeing record signups amid the coronavirus pandemic. Here's how they drive revenue without lending or charging overdraft fees.
What top investors are looking out for
- 2 investors at legendary VC firm Andreessen Horowitz predict the new ways we'll shop and pay, from livestreaming e-commerce to contactless transactions
- 4 top VCs explain why Stripe, Square, and Finix are going to be big winners in a post-COVID-19 world