The coronavirus outbreak initially looked like it might torpedo U.K.-based Paysafe’s plan to expand in the U.S. in 2020. But several months into the pandemic, the payments conglomerate sees ways it can grow by helping bruised small businesses retool operations.
Payment processor Elavon purchased Sage Pay four months ago, completing the acquisition on March 11. Two days later, Elavon's entire workforce was operating remotely as the coronavirus forced it into lockdown.
The spending and account management capabilities of corporate prepaid cards have been given new purpose in a pandemic-struck world dependent on government and charity aid.
In the U.K., many policy researchers predict that the economic fallout of the pandemic in the U.S. could change attitudes toward the idea of basic income on both sides of the Atlantic.
U.K. fintechs are using their technology to assist British businesses and consumers during the coronavirus pandemic by helping banks disburse emergency business loans, enabling e-commerce merchants to offer installment payments to consumers, and giving employees access to salary advances.
As Erez Ben-Kiki and his wife tried to move her yoga business online — conducting classes via Zoom — they discovered that the process of monetizing such classes was surprisingly awkward. Ben-Kiki, CEO and co-founder of 2Key Network, spotted a gap in the market.
Consumer remittance behaviors are being forced to change, with senders and recipients moving to mobile wallets, bank accounts, and cards. But many still want cash.
Due to the U.K.’s coronavirus lockdown, many British people are socially isolated in their homes, and rely on friends to get their groceries for them. They face the problem of how to reimburse people for their expenses, since cash is no longer acceptable.
The U.K.’s growing panic about the spread of coronavirus has created an open season for fraudsters, with government agencies and cybersecurity companies reporting unprecedented levels of criminal activity since the virus began sweeping across the globe in January.
U.K. supermarkets which have been experimenting with mobile scan-pay-go may see more consumers adopting the technology due to social distancing requirements in stores.