Posted October 30, 2020 by FreedomPay

The Power of Digital Commerce Technologies and Fintech Collaboration Are Driving the American Economic Recovery

FreedomPay live poll suggests 82% of respondents feel optimistic about the future and believe America will be economically stronger in 2021 despite COVID-19.

PHILADELPHIA, Oct. 30, 2020 – Leaders from eight trailblazing companies in digital commerce, including Delaware North, Forter, FreedomPay, Grab, HMSHost, Mashgin, Mastercard and Ready, agreed that removing friction and driving customer experience are at the center of technology solutions and the primary focus of recovery strategies for every merchant.

The virtual roundtable discussion “Payments and the Pandemics: Enabling America’s Recovery” was hosted by FreedomPay on October 29, 2020 and attended by 300 guests from various players in the payments ecosystem and the media. Together, the panelists explored the dynamics of the steps U.S. merchants are taking to capitalize on the digital technology acceleration as consumers move further towards cashless and contactless payment options due to fears of the Covid-19 infection.

Courtney Kelly Peters, Director of Business Development at FreedomPay acknowledged that restoring consumer confidence has become the focus for both merchants and technology providers. “Whether you’re going to a restaurant, to the airport or to checkout some items, everywhere you turn there is a touchpoint, and that touchpoint is commerce. Introducing a way to make it a touchless checkout amidst the pandemic has never been more important.” she said.

Key topics included the expected change in consumer behavior driven by technology. Srini Raju, Senior Director of Application Development at HMSHost said: “The trend of customer expectation for clean, zero-contact safe travel and purchases is here to stay and permanent. When the pandemic happened, instead of being a push for technology, it became a pull from the customer side – they were eager to try, they want it, and they want it now.”

During the Covid-19 pandemic, there has been a dramatic shift in the role of technology in people’s lives and spending behavior, presenting a substantial opportunity for companies to increase capabilities through digital transformation.

Stephane Wyper, Senior Vice President Retail Innovation at Mastercard outlined three key trends in digital transformation that have been happening and continue to accelerate as a result of Covid-19. These include the contextualization of retail experiences, unified customer experiences and frictionless commerce.

“Frictionless is not a new technology but we have seen a remarkable increase particularly in the US in terms of contactless adoption and there is a continued drive as NFC-enabled payments continue to expand,” Wyper said.

During the Q&A session, panelists also addressed the audience’s questions on obstacles for the grab-and-go technical deployment, the importance of merchants being nimble and staying resilient through challenging times, and how merchants should think about their digital transformation strategies now in order to win recovery and secure long-term objectives.

Visit our blog to read a full recap of the virtual event.

FreedomPay published a White Paper The American Payment Revolution: Next Level Commerce  which is designed to help merchants of all sizes understand the need for technological advancement at the point of sale and why businesses should respond to the catalyst of change caused by COVID-19 to enable America’s economic recovery. Click here to download the report.

 

Survey Methodology Circa 300 participants participated in the live poll:

QUESTION 1: Will America’s economy bounce back stronger in 2021? 82% said yes.

QUESTION 2: Has COVID-19 impacted you or your family/ friends? 87% said yes.

 

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