COVID-19 has brought unprecedented damage to the global trade and investment sectors. The global economic crisis has put many out of business. Let’s see what payment companies think of the situation and who can help you with reliable merchant services, including Worldpay review.
Economic Crisis in Britain
According to Andy Haldane, chief economist at the Bank of England, COVID-19 is expected to bring about long-term damage to businesses struggling with higher debts.
During the 1st week of May, the central bank reported that Britain’s economy would likely fall by 14% in 2020. This would represent the greatest dip since the early 1700s caused by the shutdown.
One of the most important lessons learnt from this crisis is the urgent need to create smarter, stronger and more diverse supply chains. Let’s move forward to see what changes you can expect so that to know what steps to take for your own business.
Economic Expectations & Worldpay Review
Social distancing, shutdown, and other limitations caused by COVID-19 have made people rely on online modes to purchase essentials and other necessities. People are making purchases from their homes to be safe and protect themselves against the virus, which has resulted in an unprecedented increase in digital payments.
In such situation, it’s more critical than ever to find the most suitable payment processor in the UK that can best help you with online transactions. For this, you need to turn to a trustworthy comparison specialist of merchant processors that offers the most unbiased snapshot of companies, including Worldpay review.
Almost all countries are faced with immediate challenges. There’re long-term implications for global, regional, and local economies and the payments industry itself. The global economy will get profoundly disrupted.
Optimism exists among digital transfer companies. According to the payment company Remitly, the transaction volume increased by 40% from February to March. The cashless payments sector has also been growing. And that’s with good reason: consumers, worried about their health, have been trying to avoid using coins and bank notes. So, this resulted in an unprecedented rise in the use of contactless cards and mobile wallets.
So, COVID-19 has resulted in widespread economic consequences. There’s a global shift towards digital payments. Providers such as MasterCard and Visa are expected to further benefit from the situation.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of merchant accounts and can best help you with Worldpay review. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie on his backyard porch, as should all right-thinking people.