Talbott Roche, CEO of Blackhawk, explores how COVID-19 has inspired a strengthening of ties to community — and payments have been an important mechanism in that process. “The payment solutions that will rise to the top in 2021 and beyond will be those that meaningfully connect consumers and brands,” she notes in “A Look Forward: What Executives Wish for America and the World in 2021.”
As the months of sheltering in place continue, many of us have wondered about how to maintain — or even build on — our most important connections. Surprisingly, physical distancing may actually help us to become better connected, providing room for reflection, focus and ultimately, more meaningful connections. It has been fascinating to see how the payments industry has leaned in, helping to make these connections possible in new ways.
This year has compelled many of us to realize the true importance of community. The lack of in-person interaction, while witnessing the devastating impact of the pandemic, has inspired many to support and strengthen ties to our communities — and payments have been an important mechanism. Digital and prepaid payments have sped relief pay to those who need it most.
According to our research, 38 percent of respondents have used gift cards or eGifts for some kind of charitable action since the COVID crisis began.1 Apart from charitable activations, a digital payments revolution has been accelerated — as consumers increasingly shop online, order ahead or opt for “touchless” payment options. Looking ahead, the industry has an opportunity to build on this momentum.
New digital payment solutions like eGift and QR codes can deepen connections between brands and consumers, while supporting new curbside and order ahead shopping experiences. These innovations will persist long after the pandemic is over. Going forward, it won’t be enough for mobile wallets to merely store debit or credit card payment credentials. From cash to rewards and gift cards, mobile wallets must transition to support all forms of tender and buying experiences.
Retailers and consumers are looking to seamlessly earn and spend points, rewards and gift cards across an omnichannel shopping experience. We must also bridge the gap between cash and digital payments for underbanked, unbanked and cash-preferring customers. I see the payments industry being well-poised to build better connections between consumers and businesses. Though we’re not physically together, we’re all in this together.
This year, we have traded in-person meetings, lunches and business trips for conference calls and Zoom meetings. Sequestered to our homes, we have been forced to more deeply consider with whom we need to interact, in many cases, leading to deeper relationships with those most important to our work and our life. Similarly, the payments industry is at that breaking point of clarity.
The payment solutions that will rise to the top in 2021 and beyond will be those that meaningfully connect consumers and brands. My goal for Blackhawk Network and my challenge to the industry is simple: use payments to forge better connections.