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The consumer in lockdown: Consumer—merchant payments in a mobility-constrained environment
The COVID-19 pandemic has prompted a broad-ranging response from governments across the world. A common theme of those responses is to lock down consumers, largely confining them to their homes. This paper explores what the COVID-19 lockdown could mean for consumer behaviours, and therefore by implication, for payments. In this period of lockdown, consumer needs do not go away — but how those needs are met and how those solutions are accessed could change radically. This situation will favour digital business models with delivery services, over physical stores, restaurants and other venues. Payment providers are likely to see a rapid change in the mix of payments towards contactless and e/m-commerce payments. This paper argues that it is important not to lose sight of the strategic implications of what could be a profound change in how we live our lives and our relationship with digital technology.
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Nick Kerigan is a future payments expert and senior innovation leader. Most recently, he was Managing Director for Future Payments at Barclays, responsible for innovation across the cards and payments businesses, creating next-generation experiences and partnering with FinTechs. His expertise is in digital payments, growth strategies and product development, grounded in behavioural trends. Nick is a thought leader and top 100 financial sector influencer. His current focus is driving new growth in financial services businesses.