Payments Proves to be a Bright Spot in Fintech

While most global stock markets have fallen by 10 percent or more the publicly traded payments companies have all see big growth in their share prices; Adyen is up 36 percent, PayPal is up 33 percent and Square is up 26 percent; overall payments volume has fallen but most payments are now being made through online platforms; “The need for contactless payments has never been bigger than right now,” says Ingo Uytdehaage, Adyen’s CFO, to the FT. “That could have a very high impact for countries like Germany where more than 50 per cent of in-store payments were still paid by cash [before Covid] — I think that will completely change in a few months’ time, and absolutely that’s a positive trend for us.”; the sector has been dependent on the markets that companies serve, travel heavy companies for example have felt the hit in a big way and have not found enough offsets; digital payments has been one of the bright spots and could be on the receiving end of a long term shift in how people pay for items. Financial Times

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