Payments: anticipating the paradigm shift

24 NOV 2020

The Covid-19 outbreak and the lockdown that followed, accelerated the move towards alternative payment methods across the world. This new normal is expected to be maintained over time, even once Covid-19 is brought under control.

However, making the transition from a cash-based payment system, towards a cashlite or even cashless ecosystem requires in-depth reflection and appropriate support. This transition involves high-end technologies which are based on an understanding of the needs of both customers and merchants. Using these new payment methods also requires the setting up a proper framework, based on solid expertise thus ensuring secure transactions.

MCB, with its track record, has been involved for years in the development of alternative payment methods with a customer-centric approach and which takes into account the rapidly changing business environment.

Stephanie Ng Tseung, Head of Cards - MCB Ltd, shared her views on this evolution of the payments solutions with focus, amongst others, on a safer and cashlite economy. To Stephanie: "when running a payment business, you need to anticipate macro trends and also how you can nurture your customers into adopting the right behaviour. Prior to Covid, we were already, from a business perspective, ready with contactless payments and with online payment solutions”.

Providing support to those merchants who want to keep pace with an increasingly strong trend is a prerequisite in order to popularise alternative payment methods. As pointed out by Stephanie: “the mindset of merchants is gradually changing and we are working with them to demonstrate the benefits of accepting digital payments. We have accelerated the transition”.

She also highlighted how MCB has been able to be proactive by adopting an "omnichannel strategy". “We were ready with contactless payments and we push that forward. We were ready with enabling various merchants to adopt e-commerce and online payments and that has proven to be a key business need during the lockdown”.

This transition now offers vast opportunities for the development of digital payment solutions in several African countries where cash is still predominant. The fight against a progressive cashless economy remains!