A World of Contactless Payments

The current coronavirus (COVID-19) pandemic has saturated media across the globe. The information available to us is vast, expansive, and can be all-consuming. But a lot of this information is, understandably, geared heavily toward medical and social topics. In this episode, we explore the impact of covid-19 on fintech companies. We ask the question, what does this mean payment methods and the future of transactions across the globe? George Whitridge and Max Friedrich, FinTech analysts at ARK, talks about how various countries have responded to the push for contactless payment methods, the economic benefits we’re seeing in contactless payments, and how companies and brands such as Zillow, Cash App, and DocuSign are responding to the current crisis. We also take a look at the response to the pandemic by The Small Business Administration and US banks, and why startups who live in uncertainty, are more likely to master this crisis than older business models. We ‘round off with some fascinating stats about just how dirty your credit and debit cards really are. If germs were a currency, perhaps we’d all still be in business? Tune in.   Key Points from This Episode: The impact of WHO urging consumers to use contactless payments instead of cash. How the USA, South Korea, Emirates, India, and Ghana have responded to WHO’s advice. Is the Corona Virus the global need contactless payments have been waiting for? How digital wallets and digital payments impacted India’s economy: A 2016 case study. Discover how the Corona Virus has increased transaction habits in Grocery e-commerce. Merchants and software services: The two eco-systems Square is currently operating in. Benefits of having the consumer at a digital touch point to influence, inform, and incentivize. What we are seeing on Twitch that we are not seeing from any other payments company. Discover how small business payment processor companies, like Square, are functioning. Find out how brands like Cash App are reinventing what the dollar sign really means. The creative ways companies like Zillow are serving their consumers in this time of crisis. Learn more about the response from The Small Business Administration and the banks. Why your debit and credit cards are dirtier than cash – according to scientific studies. What a McDonald’s door-handle, NYC bicycles, and your credit card all have in common.   Tweetables: “Innovative companies that are used to uncertainty are likely to master this coronavirus challenge.” — @mfriedrichARK “It really pays off if you have the consumer at a digital touchpoint.” — @mfriedrichARK “The speed at which this crisis has come on is unprecedented. We need more speed to distribute this aid.” — @GeorgeOfARK