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The Future of Mobile Payments in a Post-COVID-19 World – ReadWrite

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The Future of Mobile Payments in a Post-COVID-19 World - ReadWrite


The payments sector has been remarkably dynamic for some years now: dizzying valuations, double-digit growth rates, and an ever-increasing speed of technology advancement on a scale barely experienced in any other industry. We have seen the coronavirus fully transform consumers’ shopping habits, drive retailers to the verge of bankruptcy, and shine a spotlight on the value of digital capabilities, all of which have served as an enormous catalyst in an already fast-moving payment industry.

The Future of Mobile Payments in a Post-COVID-19 World

Many people think that everything is now changed — but we have no reason to think that this new normal is here to stay. However, the changes will only advance further, with far-reaching implications on business strategy for players along the entire payments value chain.

Consumer payment methods are evolving at a rapid pace, reshaping payments all over the world.

This has been particularly evident during the COVID-19 pandemic, as transactions have gradually moved online as stores have been forced to close. Overall, the ways we pay are affected by our cultures, habits, innovations, and the technology available to us.

Digital Payments

In the light of the COVID-19 pandemic, the digital payment industry is booming and fundamentally changing. The crisis has changed people’s views of payments and financial services, with cash use decreasing and contactless adoption promoted by several countries. This shift to a cashless society affects all aspects: retailers, merchants, consumers, governments, financial institutions, and service providers.

As per Market Research Future (MRFR), the global mobile payments market is anticipated to reach USD 3,300 billion at a CAGR of 32% from 2017 to 2023 (forecast period). In today’s market, the mobile payments market is predicted to have a high growth potential.

For day-to-day transactions, mobile payments are a cashless medium.

A technology that allows users to make instant cashless payments using their smartphones. According to the study, the significant driving factor for the mobile payments market is the technological advancements that are occurring in today’s world. The adoption of advanced technologies such as near field communications (NFC) is increasing its popularity.

NFC allows users to connect two electronic devices, such as smartphones, by simply bringing them close to each other. Furthermore, other driving factors include the ease of use, secure approach, speed, and offers associated with it.

According to the Worldpay Global Payments Study, the growth of mobile payments will continue to be the biggest factor in consumer payment in 2020, making shopping simpler than ever and already leading e-commerce payment preferences with 42% of spending in 2019—up from 36% in 2018.

Personalized Service for Customers

As we all know, in addition to innovation, the commerce and banking industries are working hard to have a plethora of payment methods that are customized based on the needs of the consumers, both online and in-store.

Will cash continue?

Although Deutsche Bank assumes that cash will continue, the next decade will see rapid growth in mobile payments, leading to a decrease in the use of plastic cards. Over the next five years, mobile payments are projected to account for two-fifths of in-store transactions in the United States, quadrupling the current amount.

Mobile payments, which range from retailer-specific applications to wallets provided by financial institutions, device manufacturers, and technology platforms, deliver convenience and protection to customers and businesses worldwide. In 2020 alone, over one billion shoppers used mobile payments.

Similar growth is anticipated in other developing countries; however, different countries will experience varying cash and plastic card shrinkage levels. In emerging markets, the impact can be felt much earlier. Many consumers in these countries are making the switch from cash to mobile payments without ever having used a plastic card.

Generation-Z – today’s children and young adults – would also have a huge effect on the future of payments.

This technology-savvy generation, born and brought up in a mobile-first world, accounts for nearly 26% of the global population. Learning how to navigate the world in the age of “fake news” and getting their digital lives bombarded with messages of dubious quality and authenticity, Gen-Z wants more personalization, better quality, and greater performance from businesses.

Brands that want to win over Gen-Z must also appeal to their digital, flexible, and mobile-focused payment preferences. The ubiquitous smartphone is quickly becoming the new wallet of choice for this generation. Many customers opt to store their favorite cards in their phones rather than carrying physical cards. This is causing major shifts in global point-of-sale payment acceptance, which has risen from 16% in 2018 to 22% in 2019.

 China is the Market Leader in Digital Wallets

We can learn a lot about the future of payments (particularly during the pandemic) from developments in China, which is building a world-class mobile payment infrastructure. There, the value of online payments accounts for nearly three-quarters of GDP (71%), nearly double the proportion in 2012. Today, just under half of all in-store transactions in China are made using a mobile phone, far above levels seen in other developed markets (25% in Germany and 24% in the U.S.).

Mobile payments now account for 22% of global point-of-sale spend in 2019 and are predicted to account for nearly a third (30%) of customer payments over the next five years. The increasing share of mobile payments adoption will be driven primarily by the steady decline in the physical usage of credit cards, debit cards, and charge/deferred debit.

 Impact of COVID-19 Pandemic

COVID-19 is projected to have a major impact on the mobile payments industry. Contactless payments are thought to be more hygienic and safer. This trend is being driven by players in the commerce ecosystem who claim that contactless transactions improve safety and health. Compared to pre-COVID-19 projections, global contactless adoption was expected to rise by 6% to 8%, with an additional 110 million contactless payment cards expected to be released in 2020.

Mastercard’s global transactional data

Furthermore, Mastercard’s global transaction data and market analysis show a substantial rise in the use of mobile payments. As per the poll results, the number of mobile payments at supermarkets, groceries, and pharmacies during the March 2020 lockdown as a proportion of all face-to-face card payments rose by 25% compared to the previous year.

It’s cleaner to use contactless — that’s evident

Mobile payments are now used by 79% of people worldwide and 91% in the Asia Pacific, citing protection and cleanliness. The data reinforces how people search for alternatives in stores, choosing a secure and fast tap to check out over dealing with cash, pens, and keypads.

Even now that the coronavirus pandemic is beginning to abate — contactless cards and mobile payments are increasing in the United States and Canada, according to the results of an April 2020 survey.

During the pandemic, almost one-third of US customers used mobile payments for the first time, and the majority intend to continue using mobile payments after COVID-19. Mobile payments in the United States are predicted to more than double between 2020 and 2024, and contactless card payments are also rising.

Conclusion

The COVID-19 pandemic has had a huge effect on our social and economic well-being. Nevertheless, it is also true that it has been one of the most powerful forces of global digitalization.

Digital payments, particularly mobile payments, have risen as a reliable way for businesses and enterprises to operate in the post-COVID-19 new normal.

After discussing the effect of COVID-19 on all payment industries, one thing is clear: if any company wants to survive the pandemic — and all of the other “things” that may come down on “human-existence-pipeline —  it must use mobile payment methods.

All companies must provide their customers with easy, convenient, and socially distancing-friendly forms of payments.

Image Credit: tim doublas; pexels; thank you!

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How to Choose the Right Business Continuity Test for You – ReadWrite

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How to Choose the Right Business Continuity Test for You - ReadWrite


Today’s businesses need to be prepared for unforeseen impacts on their work. A Business Continuity Plan is an excellent way to do this; it consolidates everything you need to do when an outside event disrupts your business. But, of course, any Business Continuity Plan also needs regular testing to ensure it’s fit for purpose. 

We’ll be taking a look at an explanation of what a Business Continuity Plan is, what testing looks like, and how often you should be testing it.

What is a Business Continuity Plan?

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A Business Continuity Plan explores how a business works after a disastrous event. It offers procedures in the face of fires, natural disasters, mass disease outbreaks, or data breaches. 

A key concern of today’s plans is data backups. Since many industries (like content marketing for saas) require extensive planning, we need to know our protected data. Other critical components of the plan include comprehensive contact details for staff and maintaining productivity on a short-term or long-term basis. 

If you employ a manual QA tester, you can understand a business continuity plan isn’t static. They require regular testing to ensure that they do what they’re supposed to. Testing also helps to spot any blind spots or areas for improvement.

Do I Need a Business Continuity Plan?

If the last few years have proved anything, it’s that nobody can really predict the future. As a result, unexpected events can completely upend our daily lives, and businesses can be severely compromised or go out of business altogether.

Invenio IT reported that in 2020, 51% of businesses worldwide didn’t have a business continuity plan. Given how dramatically the world of work has changed, that’s an oversight we literally can’t afford to make. As a result, 90% of businesses fail within a year if they can’t recover quickly from a disastrous event. 

A business’s inability to keep working in the face of adversity is a threat to customer acquisition. Even if you have a detailed customer onboarding template, customers will likely reject you if your business isn’t reliable. 

Business Continuity Plans demand significant investments of both time and resources. But they can be the difference between a business’s survival and its collapse.

How Do I Test My Plan?

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Today’s businesses can approach business continuity plan testing in several different ways. It’s important to understand that different test types share the same fundamental tasks—understanding your plan, putting it into practice, and identifying potential improvements. The difference lies in how closely you look at your plan and the resources you can commit.

You might want to take some inspiration from the quality assurance process of software testing. First, have a clear idea of what you want to look at or improve. Then, involve everyone who needs to be involved, and has a dedicated team of people assigned to the task.

Business Continuity Plan Review

A Business Continuity Plan review is the most straightforward approach to plan testing. It acts as a basic audit of your plan with key personnel—the main BCP (Business Continuity Plan) team, department heads, and some management staff. During the review, participants simply read through the plan and see if there are any obvious flaws. 

The rise of cloud services means it’s relatively easy to preserve modern-day business data. For example, if we’re calculating CSAT, we might use a cloud-based graph to track our progress. Although, don’t treat these as a silver bullet; make backups and keep a record of what cloud services you use.

This kind of test is easy to arrange and helps introduce your plan to new BCP team members. However, this test is also very lightweight. As a result, it lacks an in-depth assessment of a plan’s effectiveness and doesn’t communicate procedures (or benefits) to the broader workforce. 

Tabletop Testing

Also known as a structured walkthrough, tabletop testing is a simple roleplay scenario. A business’s key stakeholders come together to simulate a risk to the business, and see if they understand how to respond. A continuity plan needs human eyes on it; the more hands-on you can be, the better.  

Tabletop testing usually looks at a few different scenarios; participants review response procedures, outline responsibilities more clearly and see if they can improve the overall plan. If you’re just starting out, begin with something relatively simple like hacker attacks; these are both commonplace and relatively easy to thwart.

Image Credit: smallbiztrendsdotcom; Thank you!

This testing type is a great way to bring employees up to speed on what’s required of them. It takes an in-depth approach to the plan and usually brings together multiple departments. This makes understanding and amending the project much more straightforward.

At the same time, tabletop testing has significant requirements. It takes a long time to do properly, and it needs thorough documentation for it to be of any use at all. It’s also not as hands-on as other testing types; in many cases, you’re more talking about the plan rather than putting it into practice.

Walk-Through

This is the most ambitious form of continuity plan testing. Participants in a walkthrough carry out recovery actions (such as restoring backups and testing redundant systems), and anything else a business thinks is relevant. This involves the plan’s critical personnel and any relevant employees. 

It might also require traveling out of the office (for example, external data storage locations). Just as localization testing examines an app or website in different places, a walkthrough ensures all the components of your plan function wherever they’re located. 

This hands-on approach to testing gives you the most precise idea of how effective your recovery plan is. That said, it’s also the most resource-intensive. For example, carrying out a walkthrough demands a lot of investment from a business. It can also be quite challenging to arrange if you need several different colleagues to participate.

How Often Should I Test My Plan?

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Testing frequency depends on your business’ needs and the resources you have to work with. As you can see, detailed plan testing isn’t something you can do every day. Even at a basic level, it requires several people from several departments to be genuinely effective.

You also need to consider what you are testing for. Today’s businesses face multiple threats, but some are likelier than others. For example, if you work in an area susceptible to flooding, you may want to focus on your business’s flood response. That said, remember to consider commonplace threats, such as data breaches, to which a security assessment is a good response.  

At a minimum, it’s best to conduct one tabletop test per year for each key area of concern. This includes recovering from likely disasters, business continuity, incident response, to name but a few key areas of potential agitation. You should also aim to carry out an in-depth walkthrough every two years. Time-intensive tests like tabletop testing might need to be carried out on weekends to ensure you don’t compromise your work schedule.

What Else Should I Consider?

The essential part of any testing is documentation. Record your testing, with particular emphasis on anything actionable. You also need to follow up on these actions for the testing to be worth doing at all.

If you’ve made any significant changes to your business (like moving premises or changing the size of your workforce), make sure you increase the frequency of your testing—at least in the short term. These major shifts can have a dramatic impact on what your continuity plan looks like. 

Make sure you tell your wider workforce about your plan and encourage people to take part where necessary. This could shed light on new, valuable ideas, such as wiping sensitive files from your hard drives. 

By treating your Business Continuity Plan as an organic element (such as one that is open to revision and evolution), you’ll do an excellent job of keeping your business safe in the future.

Inner Article Image Credit: Provided by the author; Thank you!

Top Image Credit: Ron Lach; Pexels; Thank you!

Grace Lau

Director of Growth Content

Grace Lau is the Director of Growth Content at Dialpad, an AI-powered cloud communication platform for better and easier team collaboration. She has over 10 years of experience in content writing and strategy. Currently, she is responsible for leading branded and editorial content strategies, partnering with SEO and Ops teams to build and nurture content. Here is her LinkedIn.

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10 Strategies to Retain Employees in a Workplace – ReadWrite

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Sajjad Ahmad


A top performer just resigned out of nowhere, and you are now at a loss. What might be the reason for it? And how will this impact the rest of the employees?

With that happening, you will have to lean on your other employees, making them take on more responsibility. In the meantime, you will look for a replacement for the employee that left. It’s a big ask, specifically if they are already stretched thin. Such actions will stoke stress and uncertainty in your employees.

Given the likelihood of cascading fallout, it’s natural to think that the departure of one employee could be the tipping point of other employees feeling to leave as well. At the very least, it can affect the morale of the employees, which can undermine their work performance.

So, this is the time to make sure that your business is taking the proper steps to drive job satisfaction and retain employees.

What Prompts Employees to Leave?

To find out the reason behind your top performer’s sudden departure, do an exit interview. Exit interviews will tell you whether your employee retention tactics need improvement or not. And what needs to be done to retain employees and employee productivity.

You most likely will hear one or more of the following reasons from the departing employee:

  • Inadequate benefits and salary
  • Feeling overburdened with work or lack of support from the team
  • Limited career advancement opportunities
  • Need to maintain a balance between work and life
  • Lack of appreciation and recognition
  • Boredom
  • Unhappy with the management team
  • Concerned about the company’s financial health and direction
  • Dissatisfied with the company culture
  • The desire to make changes

Strategies that will help you Retain Employees

If you feel that your company is at risk of losing talented employees, you need to develop strategies to retain employees. Here is how you can boost employees’ job satisfaction and increase your chances of holding on to top talent in your company.

1. Orientation and Onboarding

You need to help each new hire to settle in so they can find success from the beginning of their job. Your onboarding session should include what the job entails and inform your employees about the company culture. And how they can contribute and thrive in the new atmosphere, office and culture. Don’t skim through this initial step.

The support and training you give from Day 1, whether virtually or in-person, can set the tone of their entire tenure at your company.

For instance, you are a cellphone repair shop. Your onboarding session should not only include giving training on your cellphone repair store software. Instead, it should consist of a session on your repair store’s culture and how normally the day goes about while repairing devices.

2. Mentoring Programs

Pairing a new employee with a work buddy is an essential component of the onboarding process and helps retain employees. In addition, these work buddies can welcome new employees into the company and guide them.

New employees learn the ropes from experienced employees. In return, they give the experienced ones fresh viewpoints.

Consequently, mentorship should not be limited to new employees only. You can have mentorship opportunities for existing employees as well. It will give them a sense of understanding of where they stand and what they need to improve to succeed.

3. Compensation for Employees

Companies need to give their employees competitive compensation. However, it means that the company has to evaluate and adjust salaries frequently.

Even if you are unable to increase the pay, try to provide other compensation. Such compensations can be in the form of paid time off or bonuses.

In addition to this, retirement plans and health benefits are also necessary. These valued offerings can help increase job satisfaction and ultimately will help retain employees.

4. Perks

Offering perks to your employees can make your work stand out to new hires and re-engage current staff. All this will also boost the morale of your employees. Remote work options, parental leave, and flexible schedules are perks that many employees value the most.

To evaluate your business and see what you offer your employees.

5. Wellness Offerings

Keeping employees healthy – physically, financially, and mentally is just good business. Even the current pandemic has urged many companies to improve and expand their wellness offerings so that their employees’ well-being feels prioritized and supported.

They have stress management programs, reimbursement for virtual fitness classes, and retirement planning services. Taking their example, start implementing these strategies to show that your employees are essential to you.

6. Communication

The pandemic has also enabled us to underscore the need for good workplace communication. Employees reporting to you should feel that they can come to you if they have an idea, concern, or questions at any time.

Similarly, you should promote constructive, timely, and positive communication across all departments, including remote and onsite employees. Please make sure you actively connect with every staff member daily to get a sense of their job satisfaction and workload.

7. Constant Feedback on Performance

Most company owners are abandoning annual performance reviews in support of frequent meetings with every team member. In such one-on-one sessions, discuss the short and long-term career goals of your employees.

Such activities can help them visualize their future in your company. The key takeaway here is not to make promises that you can’t keep. Instead, take them through their potential career advancement journey together. And lay down a realistic plan that can help them achieve their goals.

8. Development and Training

You can retain employees by helping them figure out their key areas for professional growth as part of your continuous feedback on performance. It can include needing to learn new skills. Getting new skills is extremely important in the current era as technology alters our work.

Substantially, when people learn new skills, they learn new tricks to keep up with the evolving business requirements. So, make sure you invest in the professional development of your employees. Make them attend virtual conferences, pay for continuing education, and provide tuition reimbursement.

In addition to this, don’t forget succession planning. It can be highly effective for advancing professional development and can help in building leadership skills.

9. Rewards and Recognition

Each employee feels the need to be appreciated for the work they do. And in the current circumstances, if you understand your employees, it’s bound to leave a considerable impact.

So, make sure you thank your employees who have gone the extra mile. And do mention how their hard work has helped the employees. Some companies even have reward systems that they use to incentivize great innovation and ideas.

Also, having a small company doesn’t mean that you can’t have an effective recognition program. You can do it even if you have a small team and a limited budget. You’ll want to arrange your recognition program in such a way that you and your employees can benefit from it.

10. Work-life balance

What kind of message is your time management giving to your employees? Do you expect your employees to be available 24/7?

You need to realize that a healthy work-life balance is essential for job satisfaction. Employees need to know that their managers understand the fact that they have lives outside of their office. Encourage your employees to set boundaries and give them vacation time. And if late sit-ins are required to end tasks, give them extra time off to compensate for that.

The ten strategies to retain employees given above are just some ways you can increase your employees’ job satisfaction. For that, you need to stay updated with market standards of benefits and salaries. And try to use the best practices to develop an attractive workplace culture.

Sajjad Ahmad

Sajjad Ahmad is an enthusiast professional who loves to serve community with his amazing pieces of writing. His expertise lie in technology, SaaS businesses, growth hacking, and marketing.

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Jotform Rebrands to Focus on the Power of its Forms – ReadWrite

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Jotform Rebrands to Focus on the Power of its Forms - ReadWrite


When companies rebrand, they often do it with a renewed or revised focus. Sometimes the company pivots entirely, heading in a new direction to keep up with changing trends and demands from its audience.

In the case of Jotform, the company recently rebranded to better focus on what it’s done so well for 15 years: provide its audience with versatile, easy-to-create, powerful forms.

Since its launch, Jotform has undergone tremendous growth. More than 10 million users have shaped the form builder and its complementary services. The platform has grown to include payment processor integrations, state-of-the-art security measures, conditional logic, and more. It supports small businesses, large corporations, nonprofits, and everything in between.

And now, Jotform is focusing on further improving its powerful forms to continue to support its broad audience of users.

Here’s what you can expect from the newly rebranded Jotform.

A new logo and tagline

Jotform boasts a streamlined, simplified logo that honors the original. The “f” in “Jotform” is now lowercase for easier readability, and the logo features a new and refreshing color scheme.

The logo’s pencil has been updated with multiple colors to represent the multiple products and features the business has created. The colors represent form fields, table cells, graph bars, and even the lines on a document.

Similarly, Jotform’s new tagline honors the company’s vision: “Powerful forms get it done.” This tagline demonstrates that, even as the company has grown and evolved, it has always remained true to the powerful forms at the core of its business.

A revised website

The Jotform website has some aesthetic updates, but it remains easy to use and navigate. The homepage reflects the new tagline, color scheme, and logo, and the My Forms dashboard has been rebranded with a cleaner, clearer look.

The form builder navigation has also undergone a color change. The revised colors are high contrast, and the page was designed to keep your attention on what really matters — the form.

The same pricing

Jotform may have been rebranded, but its pricing plans have remained the same. Jotform offers five plan tiers, and those tiers make it a suitable option for nonprofits as well as the largest corporations.

The Starter tier is available for free, and it includes many essential features. It supports up to five forms and 100 monthly submissions. This plan also generously includes 100 MB of space and 1,000 form views.

The Bronze plan is just $24 per month when billed annually, while the Silver plan is $29 per month and includes up to 100 forms. For $79 per month, the Gold plan includes unlimited forms to support operations with significant form creation and management demands. 

The Enterprise plan is for the largest organizations, and it supports multiple users, SSO login integrations, and more.

Jotform may be changing, but its pricing hasn’t budged.

Easy online form builder

Jotform’s form builder is clean, concise, and user-friendly. It’s easy to build a form from scratch with the drag-and-drop interface or edit an existing form template. The builder features a wide variety of form field types, including signature, date picker, address, and fill-in-the-blank fields. In addition, you can make any form your own.

Jotform also offers more than 10,000 professional form templates to help you get started and save time. Choose from registration, feedback, request, membership, application, event registration forms, and more. These forms cover a wide variety of industries and needs.

When using the online form builder, you can create a form in just minutes. You can then share a link to that form, embed it on your website, include it in an email, and more.

Essential integrations

As Jotform has evolved, the company has continued to add form integrations for enhanced performance and convenience. Jotform has established integrations with some of the most essential and popular apps:

  • PayPal
  • Google Sheets
  • Zoom
  • Adobe Sign
  • HubSpot
  • Slack
  • Mailchimp
  • Dropbox
  • Google Calendar

These integrations enhance your form’s performance and save you and your respondents time.

An array of features for even more powerful forms

As the demand for powerful, versatile forms has increased, Jotform has developed new features that give you more control and flexibility:

  • HIPAA-compliant forms meet the healthcare industry’s need for forms that protect patient data.
  • Smart PDF Forms can convert a PDF into a fillable online form.
  • Jotform protects your privacy and security with encrypted forms, 256-bit SSL, and more.
  • You can collect payments and donations, and set up recurring subscriptions with your choice of more than 30 trusted payment gateway integrations.

Jotform Tables

Jotform may have started out as a form builder, but the company expanded to encompass Jotform Tables, which allows users to collect, organize, and manage the data that’s generated by its forms. It’s also possible to import CSV or Excel files into Jotform Tables, so you can use your existing data.

These tables require no coding and work as a centralized database. There are more than 300 table templates available to help you get started. As with its other products, Jotform has kept Jotform Tables accessible and affordable, making it a practical choice for all Jotform users.

Jotform: Powerful forms for the future

Jotform’s rebranding reflects the company’s evolution but also its dedication to its root cause: to provide users with quality, powerful forms. Jotform may have changed its logo and branding, but this is evidence of the company’s growth and success.

Rather than pivoting, Jotform continues to focus on the features and developments that will take its forms to the next level. From payment processing to enhanced security, its services and features are evidence of what business owners, nonprofits, entrepreneurs, teachers, bloggers, and more need as technology evolves and those users find new and unique ways to put forms to use.

In 15 years of growth, Jotform has stayed true to its roots but continues to make its forms even more powerful. Whatever your form and data needs, powerful forms get it done.

Image Credit: Photo by Mikhail Nilov; Pexels; Thank you!

John Boitnott

CEO, Boitnott Consulting LLC

A journalist and digital consultant, John Boitnott has worked at TV, print, radio and Internet companies for 25 years. He’s an advisor at StartupGrind and has written for BusinessInsider, Fortune, NBC, Fast Company, Inc., Entrepreneur and Venturebeat. You can see his latest work on his blog,
jboitnott.com

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