COVID-19’s impact on the U.S. payments industry and domestic economy is profound. Multiple reports from the U.S. Department of Commerce, merchant acquirers and PSPs indicate the extent of the pain even at this early stage of this pandemic-induced recession. For the over thirty million U.S. citizens suddenly without jobs and income, with many already living paycheck to paycheck, the word “pain” is inadequate to the current situation.
The impact, implications, and responses by the stakeholders in the U.S. payments industry are many and the subject of this series. Glenbrook examines the pandemic’s effects on the payments industry through Glenbrook’s domains of payment and stakeholder frameworks. This framework categorizes payments flows by transaction context and the parties most affected.
We will look at the short and longer-term impact of the pandemic on those stakeholders using or providing services within each domain. We assess the implications for major stakeholders and offer recommendations.
This report focuses on the U.S. market with reference to international domestic markets for illustrative and comparison purposes.
Each chapter of the report will be published individually on Glenbrook’s Payments Views site with links here. Please return often to check on the latest or subscribe to our newsletter and Payments News.