{"id":2496,"date":"2021-07-14T08:03:20","date_gmt":"2021-07-14T08:03:20","guid":{"rendered":"https:\/\/www.talkbuz.com\/?p=2496"},"modified":"2021-07-14T08:03:26","modified_gmt":"2021-07-14T08:03:26","slug":"how-is-the-pandemic-affecting-the-payment-processing-industry","status":"publish","type":"post","link":"https:\/\/www.talkbuz.com\/how-is-the-pandemic-affecting-the-payment-processing-industry","title":{"rendered":"How is the Pandemic Affecting the Payment Processing Industry"},"content":{"rendered":"\n

For over a year, almost the entire market remained shut. With lockdowns lifting and markets slowly and partially reopening, transactions are increasing too. However, nothing will be the same for a long time, if ever.<\/p>\n\n\n\n

It currently seems like a mass vaccination strategy is the only way to start the move back to a pre-Covid world. Till then, businesses need to keep adapting to new changes in customer behaviour and market trends. Online payment systems and credit card processing service<\/strong><\/a> companies are the best placed to help businesses move online to stay afloat till the global economy stabilises.<\/p>\n\n\n\n

Despite several attempts at introducing varying fiscal stimuli, no one can entirely accurately predict the exact extent of the damage done or whether the effects of the lockdowns can ever be reversed. Additionally, industries related to travel such as aviation and tourism have been hit the worst and will take years to return to their previous state.<\/p>\n\n\n\n

A report from 2019 predicted a 6% rise in the payments industry of the world. However, this has changed in 2020 and is now estimated to fall by 8-10%, which is estimated to be $165-210 billion. Looking ahead and expecting this revenue decline, payment companies\u2019 share prices have fallen sharply, way below the profit impact that was expected.<\/p>\n\n\n\n

With a mass-scale global impact, Covid-19 has completely changed the future of payment processing. Let\u2019s take a look at some of the damage done and how virtual payment gateways are the solution.<\/p>\n\n\n\n

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