COMMENTARY: How Covid Solidified a Supply-Chain Payment Shift
The Covid-19 pandemic sent shock waves through nearly every industry—not least the global supply chain. Every piece of the supply chain was impacted, from manufacturing and production to fulfillment. And because supply chains are the backbone of commerce, the implications radiated beyond supply-chain hubs and essential workers to also impact daily consumer behavior.
However, shocks to the system (like Covid) often drive lasting and positive change. If we can take a step back and analyze what we’re seeing, we’ll recognize from a supply-chain payments perspective that the pandemic helped solidify what was already in the works: modernization. This benefit comes with increased safety and efficiency.
Contactless payments have been around since the 1990s and have only increased in popularity as banks, credit card companies, merchants, and retailers have come on board with solutions. Anecdotally, this makes sense. When is the last time you paid for groceries with cash or check? The average consumer today relies less on checkbooks and cash and more on payment platforms available in the marketplace.