As the COVID-19 outbreak continues to evolve, Verisk Financial is monitoring the situation closely and consulting our team of business and industry experts. To help you navigate the challenges and impact of the outbreak, we’re providing these helpful resources.
The UK has begun a tentative reopening but, without effective treatments or a vaccine for Covid-19, economic activity will probably remain curtailed by necessary safety measures.
Consumer spending cratered in mid-March, but recent data and analysis may indicate a slow but steady return to normal.
As COVID-19 engulfs the US, increasing numbers of unethical internet merchants are targeting consumers who are homebound, anxious—and online.
G2 presents: Payments at a Social Distance, a webinar series developed in partnership with leading payments industry experts to explore the new reality we all face in the quickly developing coronavirus crisis. Sessions will address a variety of topics tailored to the payments industry, including consumer and merchant impacts, rising risk threats and challenges, and best practices for maintaining business continuity.
From Financial Research
While many of the markets with widespread contactless use were already cash-light economies, there are some where contactless is more obviously reducing dependence on cash. The country where tap-to-pay has had the most transformational impact is arguably Poland. Traditionally a cash economy, card use has grown dramatically since the introduction of tapping, which now accounts for around 90 percent of card present transactions.
The big outlier globally when it comes to contactless is the United States, where only a small fraction of transactions are tap-and-go. However, banks are intensifying their focus on the technology this year with the leading issuers committed to rolling out contactless to their cardholders.
In response to the unprecedented situation presented by COVID-19 pandemic, the U.S. legislature, the OCC, Federal Reserve Board, and FDIC have announced relief measures for financial institutions to temporarily relieve CECL (current expected credit losses) requirements. This update provides an overview of the measures and the impact to your CECL plans.
For more business insights to help you navigate pandemic-related challenges, visit the Verisk COVID-19 Resources page.