Some trends like QR code-based payments are “here to stay,” CEO of Shift4 Payments (FOUR) Jared Isaacman told Yahoo Finance Live. Isaacman cited the ease of usage and convenience for customers to earn loyalty rewards as being reasons for the shift.
“[Before the pandemic, QR code-based payments] never really took off,” Isaacman said. “Throughout the pandemic, we obviously saw people pulling up menus with their phones. But then they're also paying via QR codes. They're even ordering with QR codes. I think some of that is here to stay because it's just convenient.”
As businesses recover from the economic downturn caused by the COVID-19, it is clear that the pandemic has served as a catalyst for increased adoption of contactless payment methods by businesses in the United States. This coincided with 92% of small business owners adding contactless payment options as soon as the pandemic hit, according to a Skynova survey conducted in January.
“Now, [circumstances have] changed as we progressed through Q1, so much so that, I mean, in warmer weather climates from Q1, you had [businesses in] Florida and Texas blowing out volume levels from pre-pandemic levels in a pretty extraordinary way,” Isaacman said. “And now, as we look at the country in recent days, I would say you're at or above pre-pandemic levels [of commerce] in most major markets.”
For the retail space, Isaacman believes that the momentum of e-commerce was carried into the pandemic from existing pre-pandemic trends. However, according to Isaacman, the most significant transformation in client-facing operations throughout the pandemic was seen in the hospitality industry.
“It wasn't uncommon, just 18 months ago that we'd be waiting in line at a Hilton, for example, to get our room key. Now people are definitely checking in with their phone,” Isaacman said.”
As for whether other pre-pandemic hospitality industry accoutrements like physical restaurant menus and face-to-face wait staff interactions may make a return, Isaacman is confident that they will.
“I think it's just way too convenient to scan a QR code with your phone, pay, get some rewards, and leave without ever having to do the back-and-forth interaction,” Isaacman said. “The actual QR menus, I think people [will] use real menus again. And I think people will enjoy talking to waiters and waitresses and asking questions and having conversations about their food order.”
Thomas Hum is a writer at Yahoo Finance. Follow him on Twitter: @thomashumTV
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