New Normal, New Ways of Doing Business: Are mobile payments the answer?
Mobile payments are not hot news. 1977 marked the first-ever example of a mobile payment scheme by Coca Cola. But, why is it not yet a ‘new normal’ for present-time payment methods?, especially days even before COVID-19 hit the market?
During COVID-19 times, businesses are met with an unprecedented challenge: a virus stops all crucial activities in the economic sectors of society. Most businesses that are not well aware of the technology are among those who feel the virus’ impact the most. Payments, therefore, have to be digitized in order for financial flows to keep going. How are mobile payments playing their role in the new normal?
New normal demands physical distancing and reduction of close-contact meetings. Markets who depend mostly on cash money transactions might be surprised to suddenly shift their scheme to mobile ones. However, this shouldn’t be a big problem. In 2002, the SARS outbreak forced businesses to promote the online marketplace. 18 years since then, the same demand should also be met: more things should go online, including the way people pay for their products.
So, how should mobile payments be addressed in the new normal? To be precise, it might be a big financial transformation for some conventional business to shift suddenly to mobile payments, especially those who rely heavily on conventional payment methods. In tackling the challenge, businesses may start searching for stimulus funds so as to meet markets’ demand for fast and online ways to get a product or service.
All in all, online schemes are an inevitable reality. Digitalization should not only be applied in how businesses market their product, but also in how people get access to such products. To date, perhaps sudden transformation to mobile payments may be too much of a task for some businesses. Nevertheless, a thought remains a thought: how would a business thrive conventionally if its surroundings demand all things digitally?
LXR – Abdur.