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P20’s new report explores challenges faced by the payments industry amidst COVID-19

P20 announced the publication of its latest report titled – Payments in a Post-COVID-19 World. The report features the members of the P20 Board including Steve Ledford, SVP Product, and Strategy at The Clearing House; Sara Castelhano, Managing Director and EMEA Head of Payments and Digital Product at J.P. Morgan; Jim Johnson, EVP and Head of Merchant Solutions for FIS; and Philip McHugh, CEO of Paysafe.

Duncan Sandys, CEO, P20, commented, “In order to respond effectively to the COVID-19 crisis, the payments industry has been forced to fly the airplane while building it. This ability to innovate in the midst of a global public health crisis, that has thrown up unprecedented economic and practical hurdles, must be celebrated. Challenges still remain, however.”

The new report aims to dig into the challenges faced by the international payments sector throughout the pandemic. These include the rapid transition to remote working, maintenance of operational activity at a distance, urgent need for digitization, and keeping a balance between innovation and financial inclusion. P20’s report outline 20 actions that payment companies can undertake for operating responsibly and effectively during the crisis.

The report also includes opinions of Jessica Richards, Head of Market Development at NatWest, Martina King, CEO of Featurespace and Alastair Lukies CBE, Founder/CEO of Pollinate and member of UK Prime Minister Boris Johnson’s Business Council, on ways to deal with the challenges presented by the pandemic and the roadmap of payments industry post-COVID-19.

“Each of the industry leaders featured in this report are looking beyond quick solutions to these immediate problems and identifying opportunities to make the payments sector more resilient, agile, user friendly and inclusive. As the voice of the global payments industry, it is our responsibility to showcase how the payments industry can best support itself and the wider economy as we move forward,” Sandys concluded.

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