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COVID-19 Changes the Payments Industry

COVID-19 and its effect in the payment industry

From the rolling back of mandates to the rise of contactless transactions, the payments industry has seen its fair share of changes since the world learned about COVID-19 earlier this year. Visa and Mastercard have postponed merchant requirements scheduled for the spring. Contactless payment minimums have been raised around the world to discourage surface contact on areas where the virus can thrive. The UK’s Financial Conduct Authority extended its deadline for Strong Customer Authentication (SCA) for six months.