The world of payments has never been so exciting. Digital payments are gaining significant traction and smart innovation is gathering pace. In the 24/7/365 world of commerce, treasurers have an opportunity to leverage these developments to help their organisation gain a competitive advantage, says Atul Bhuchar, Group Head of Payments, DBS.
Eleanor Hill, Editor, TMI (EH): In what ways has Covid-19 impacted payments and how have corporate treasurers adapted?
Atul Bhuchar (AB): The world is facing a health crisis and an economic one, resulting in a threat to both lives and livelihoods. At the same time, the pandemic has been an important catalyst for change, especially in the payments space. There has been a structural shift from the ‘before Covid’ [BC] world to the ‘after Covid’ [AC] era as consumers and businesses have embraced digital payments and e-commerce.
Indeed, digital solutions have proven themselves vital for businesses’ fitness in the AC world. Bricks-and-mortar businesses have pivoted to e-channels to reach their customers. Meanwhile, sectors such as hospitality are rethinking their customer contact strategies in order to support business growth in a socially-distanced world.