Get payments' house in order as cash gets its cards

Barclaycard's David Jeffrey says the lockdown has shifted the way we are paying for goods.

One of the casualties of the pandemic appears to have been cash. Retailers, for reasons obvious, prefer to accept contactless card payments, and notes and coins are becoming rare sights; withdrawals from ATMs are down 60 per cent in the locked-down UK. Online payments are also soaring as Amazon and other retailers profit from the new and remote realities of shopping.

But what other changes are occurring? For enlightenment, I contacted David Jeffrey, director of products at Barclaycard Payments. The following is a lightly edited version of our exchange.

 

How are you seeing payments change over the course of the pandemic?

During this pandemic, consumers are increasingly shopping online and, as part of that, expect a smooth checkout experience. This expectation applies irrespective of whether they're paying on credit or debit card, or via mobile and digital wallets such as Apple Pay and Google Pay.

For the many businesses who have historically relied on in-store sales, that means navigating a totally new landscape and catering to evolving customer demands. Businesses are looking for solutions to optimise digital sales and remove friction from the payment acceptance process, but in a way that doesn't compromise security.

 

To continue reading this article register now