GE On Why The Road To Growth Runs Through Cross-Border Payments

Money By Pymnts November 9, 2020

The pandemic is shedding light on how merchants’ existing payment systems are falling short of consumers’ expectations, according to a new story from Pymnts.com.

Nearly 50% percent of American shoppers are now making cashless transactions, the article says, and a separate study recently showed that 19% of Americans tried contactless payments for the first time in May, amid the pandemic.

But retailers are not keeping up, and many still are failing to provide cashless payment options, despite ample evidence of the growing acceptance of regular, repeat customers wanting to pay digitally.

“Merchants will need to continuously examine how pandemic-driven trends will shape consumers’ hopes for their future payments experiences,” the piece argues, before concluding that “developing infrastructure that can catalog and finalize transactions in myriad ways and channels is one of the retail sector’s next great challenges.”

Read the article.