As we move into the last quarter of 2021 and countries worldwide continue to grapple with the pandemic, it is fair to say that COVID has impacted every industry. When nations closed their borders and mandated people to stay at home, digitization and technology adoption emerged as saviors. People had no option but to adapt to hybrid ecosystems consisting of work from home, online conferences, online classes, and digital communication and entertainment. The fear of virus transmission turned staunch supporters of cash economies into ardent believers of digital wallets and contactless transactions. As businesses went digital, people virtually purchased and completed financial transactions with a few clicks on their smartphones or computers. Businesses across sectors were forced to adapt and transition to a hybrid way of work and life, offering solutions via dedicated online platforms. However, no sector was as affected as the payments industry—it significantly ramped up capacity to cater to the burgeoning requirements of a slew of new and existing customers.
