The fintech industry, digital banking, and digital payments markets have all been rapidly expanding over the last decade. Yet, the pandemic has helped accelerate the move to digital payments and other digital finance services with a sense of urgency not seen before across the B2B landscape, and the same is true for the online retail sector. In fact, research by McKinsey & Company indicates that “overall, in retail, the impact was not a decline but a shift in buying behavior. In the first six months of the year, consumers spent USD 347 Billion online with U.S. retailers, up 30% from the same period in 2019 — corresponding to six times the annualized 2019 growth rate of online retail.” As for banks, the pandemic has accelerated the move from “physical” to “virtual” banking.
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