The ongoing COVID-19 pandemic has already modified human lives all across the globe to such an extent the world itself will never be the same. Thus, in order to remain relevant in the market and show exquisite care to the consumers, global enterprises chose either to rapidly adapt to a revolutionary landscape or create their own approaches to the issue handling (Braunstein, 2020; Toh & Tran, 2020). One of the most vivid examples in the field is the process of digital payment recognition in the existing pandemic paradigm. Primarily, the issue emerged due to people’s inability to use cash in terms of lockdown and the risk of virus transmission in the process of cash exchange (Pal & Bhadada, 2020). Thus, such a precedent became a severe challenge to some companies, making other enterprises benefit from the situation. Banking, entertainment, and grocery segments appeared among the most digitally-oriented businesses that could adjust the online payment opportunity in practically no time (Baig et al., 2020). Thus, the process of pandemic digitalization has become a universal concern as more companies started to follow suit.
Considering the following issue, a few aspects of the process should be taken into consideration prior to dwelling upon the efficient marketing proposal. To begin with, it should be outlined that despite the growing digital payment tendencies, many people still feel more secure about using a case on a daily basis (Chen et al., 2020). Some of the major reasons for such behavioral patterns might concern the lack of governmental support in terms of digitalization and the existence of a population segment that has no direct access to digital sources for online payment conduction (Aji et al., 2020; Auer et al., 2020). Another issue concerns the businesses that lack resources to go digital in the near terms, leaving banking and media industries to bear major responsibility in the field (Seetharaman, 2020). Thus, taking into consideration the aforementioned sources, it might be concluded that while today’s tendencies encourage the already emerged process of digitalization, there still exists a variety of pitfalls that are to be eliminated through efficient marketing and business frameworks.
References
Aji, H. M., Berakon, I., & Husin, M. M. (2020). COVID-19 and e-wallet usage intention: A multigroup analysis between Indonesia and Malaysia. Cogent Business & Management, 7(1), 1804181.
Auer, R., Cornelli, G., & Frost, J. (2020). Covid-19, cash, and the future of payments (No. 3). Bank for International Settlements.
Baig, A., Hall, B., Jenkins, P., Lamarre, E., & McCarthy, B. (2020). The COVID-19 recovery will be digital: A plan for the first 90 days. McKinsey & Company.
Braunstein, J. (2020). Covid-19 pandemic accelerates the rise of digital payments. Web.
Chen, H., Engert, W., Huynh, K., Nicholls, G., Nicholson, M., & Zhu, J. (2020). Cash and COVID-19: The impact of the pandemic on demand for and use of cash. Bank of Canada Staff Discussion Paper, (2020-6).
Pal, R., & Bhadada, S. K. (2020). Cash, currency and COVID-19. Postgraduate Medical Journal, 0(0), 1-2.
Seetharaman, P. (2020). Business models shifts: Impact of Covid-19. International Journal of Information Management, 54, 102173.
Toh, Y. L., & Tran, T. (2020). How the COVID-19 pandemic may reshape the digital payments landscape. Payments System Research Briefing, 1-10.