Demand for digital-payment services are soaring in the wake of the coronavirus pandemic as more consumers are turning to online services to make purchases. A story in the Wall Street Journal reports e-commerce transactions have jumped 81 percent since the end of February in Italy, one of the first countries to order residents to stay home to prevent further spread of the virus. The data is according to estimates by McKinsey & Co.
The Journal story quotes Aaron Press, research director for world-wide payment strategies at International Data Corp., as noting merchants are dealing with several challenges in handling the increased volume of payment-processing needs.
However, WSJ also reports forecasting from Dayna Ford, senior research director at Gartner Inc., who notes that despite increased retail traffic, overall revenue in e-payments is likely to be down this year to due losses in the airline, hotel and hospitality industries.