The pandemic has helped accelerate the pace of digital adoption in certain sectors, says Forbes, and mobile payments in emerging markets, particularly in Africa, have boomed since last spring.
San Francisco-based Stripe is one such company in the United States that has benefited greatly from the shift towards cashless payments, they say.
“People who never dreamt of using the internet to see the doctor or buy groceries are now doing so out of necessity,” John Collison, president and co-founder of Stripe, said recently. “Businesses that deferred moving online or had no reason to operate online have made the leap practically overnight,” Collison said.
Still, many small business owners cling to cash transactions, although a “significant portion of the population has been forced to fundamentally rethink how to run their businesses” amid the pandemic, they say.
This article was written by Ilona Limonta-Volkova and originally published on Forbes. A subscription may be required.