CRISIS MANAGEMENT IN PAYMENTS, a webinar held in April 2020, by QUBE Events, brought together experts from the financial services industry. The aim was to focus on the banking and payments industry, as well as digital transformation during the period of the COVID-19 crisis. Through keynote speeches and panel discussions, several key questions were addressed on various subjects and areas of concern. Contentworks Agency was media partner to this unique webinar. We believe that during times like this, it ’s important to support our colleagues in the finance sector. Our team works with industry peers creating the online content and social media needed to assist with effective online transformation.

2. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 2 O F 1 7
..........................................................................................................................................................................................................................................................................................................................................................
CRISIS MANAGEMENT IN PAYMENTS, a webinar held in April 2020, by QUBE
Events, brought together experts from the financial services industry. The
aim was to focus on the banking and payments industry, as well as digital
transformation during the period of the COVID-19 crisis.
Through keynote speeches and panel discussions, several key questions
were addressed on various subjects and areas of concern.
Contentworks Agency was media partner to this unique webinar. We
believe that during times like this, it’s important to support our colleagues
in the finance sector. Our team works with industry peers creating the
online content and social media needed to assist with effective online
transformation.
A b o u t

3. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 3 O F 1 7
..........................................................................................................................................................................................................................................................................................................................................................
C o n t e n t s
C o ro n av i r u s a n d t h e
Pay m e n t s I n d u st r y
Tre n d s i n t h e Pay m e n t s
I n d u st r y D u e to C OV I D - 1 9
Pay m e n t P ro v i d e r a n d
C h a l l e n ge r Re s p o n s e s
D i f f i c u l t i e s i n I m p l e m e n t i n g
T h e s e i n t h e C u r re n t C r i s i s
T h e F u t u re i s C o n ta c t l e s s
S p e a ke rs
A b o u t Q U B E Ev e n t s
C o n te n t w o r k s A ge n c y a n d
D i g i ta l Tra n s fo r m a t i o n
. . . . . . . . . . . . . . . . 4
. . . . . . . . . . . . . . . . 6
. . . . . . . . . . . . . . . . 7
. . . . . . . . . . . . . . 1 0
. . . . . . . . . . . . . . 1 1
. . . . . . . . . . . . . . 1 4
. . . . . . . . . . . . . . 1 6
. . . . . . . . . . . . . . 1 7

4. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 4 O F 1 7
..........................................................................................................................................................................................................................................................................................................................................................
The world is in unchartered territory right now. COVID-19 is one of the
greatest human tragedies to have ever impacted the world.
Every aspect of our lives is being changed including how we deliver and
access financial services. Although the banking sector is not hit directly
by the outbreak, unlike other retail institutions, it is at the forefront of
public attention.
Banks and payments systems sit at the heart of the economy, funding
individuals and businesses. The stability of this sector is crucial to not
only keep the system buoyant, but also in aiding economic revival.
C o ro n av i r u s a n d t h e Pay m e n t s I n d u st r y
I t s e e m s u n l i ke l y t h at c u sto m e rs w i l l re t u r n to
c a s h a n d p hys i c a l p ay m e nt s a f te r t h e c r i s i s … O n
t h e c o nt ra r y, t h e C O V I D - 1 9 c r i s i s w i l l p ro b a b l y
l e a d to l a st i n g n e w s h o p p i n g b e h av i o u rs .
– G i j s B o u d e w i j n , D e p u t y G e n e r a l M a n a g e r,
C h a i r Pa y m e nt Sy ste m s C o m m i tte e , T h e D u tc h
Pa y m e n t s A s s o c i a t i o n ; Eu r o p e a n B a n k i n g
Fe d e r a t i o n ( E B F )

5. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 5 O F 1 7
..........................................................................................................................................................................................................................................................................................................................................................
2,067
2,172
–8% –10%
1,903 1,861
105
1,6951,830
208237
2019 Business-
as-usual
Growth
Cross-Border
DomesƟc
2020
Pre-COVID-19
EsƟmate
Virus-
Contained
Scenario
Muted-
Recovery
Scenario
COVID-19 Impact
201
1,659
GlobalPaymentRevenue,$Billion
Image Source: McKinsey & Co, March 2020
Payment systems have proven to be stable, secure and resilient to the
coronavirus crisis, as in previous crises. Banks and financial services
have taken proactive steps to protect their customers’ and employees’
health by enabling remote working whilst maintaining a high level of trust
through strict and reliable protocols. However, there is no doubt that the
economic disruption from the current crisis will be profound.
Growing restrictions on movements and lengthy lockdown periods will hit
the services sector hard, particularly industries where physical interactions
are necessary, such as travel, retail trade, hospitality, recreation and
transportation services.
Taking factors like economic activity interest rate landscapes, associated
liquidity patterns and evolution of payment behaviour into account, it can
be estimated that payments industry revenue could drop by 8% to 10%
in 2020, as compared to the 6% growth estimated in 2019. This means a
loss of $165 billion to $210 billion in revenue in 2020.
Slowing global payment-revenue growth is expected to cost the
payment industry $165 billion to $210 billion in 2020 revenue.

6. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 6 O F 1 7
..........................................................................................................................................................................................................................................................................................................................................................
Pay m e nt v o l u m e s d o w n to ze ro i n c e r ta i n i n d u st r i e s ,
l i ke a i r l i n e s , c o n c e r t s , h o s p i ta l i t y, e tc .
S i g n i f i c a nt g ro w t h i n p ay m e nt v o l u m e s o f n o n - T & E
c o m p a n i e s a n d o n l i n e o rd e r i n g l i ke fo o d d e l i v e r i e s .
Tre n d s i n t h e Pay m e n t s I n d u st r y D u e to
C OV I D - 1 9
Hotel Occupancy Down Compared to 2019 Figures
Italy
China
UK
US
Singapore
96%
68%
67%
59%
48%
$252 billion:
The estimated
revenue loss for
airlines worldwide due
to COVID-19
Amazon’s online grocery business could produce
$70 billion in gross merchandise volume by 2023;
more than 3X that of 2019.
A survey by RBC Capital Markets revealed that
more than half of online grocery shoppers think
that the crisis is “leading them to permanently
boost their willingness to buy groceries online.”
2019
2023
3 X

7. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 7 O F 1 7
..........................................................................................................................................................................................................................................................................................................................................................
D ro p i n t ra d i t i o n a l P O S ( Po i nt- o f- S a l e ) p ay m e nt s
v o l u m e i n re ta i l a n d m e rc h a nt s e r v i c e b u s i n e s s e s .
New data from Springboard revealed that retail footfall plunged 7.8% in
February 2020.
Foot traffic was down more than 20% in the UK and over 70% in Italy and
the US in March 2020, on a YoY basis.
Pay m e n t P ro v i d e r a n d C h a l l e n ge r
Re s p o n s e s
C a s h a s a S o u rc e o f V i r u s Tra n s m i s s i o n
Escalating public concerns that COVID-19 might be transmitted by the
physical exchange of cash has led to a decline in cash usage across the
world. The Bank of International Settlements (BIS) has issued a bulletin,
stating that scientific evidence is against this theory.
In fact, risk of transmission from banknotes is immensely low, compared
to other frequently touched objects, like PIN pads.
Average of search intensity related to Covid-19 and cash use
Interest by Country
40−50
30−40
20−30
10−20
0−10
No data
The black circles represent Hong Kong SAR and Singapore. The boundaries and names shown and the designations used in this map do not
imply endorsement or acceptance by the BIS. Data accessed on 21 Mar 2020. Data resulting from an average of the Google search query
intensity for the five searches “Cash Covid”, “Coin Covid”, “Cash virus”, “Coin virus”, and “Cash corona” and for the last 30 days, by country.
Data are not available for several countries where Google is not widely used.
Image Source: Bank for International Settlements, April 2020

8. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 8 O F 1 7
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COVID-19 might spur the development of central bank issued digital
currencies (CBDCs) and contactless payment solutions. Some central banks
that have been at forefront of implementing digital currencies are:
Bank of England
European Central Bank
People’s Bank of China
Swedish Riksbank
In a recent incident, the Louvre Museum in Paris,
France, banned the use of cash on its premises,
despite the Bank of France’s guideline that all
establishments should continue to accept cash.
To bolster cash usage, Central Banks are regularly communicating, urging
people to accept cash and, in some cases, even sterilising bank notes.
However, the world is finding it safer to use digital modes of payment.
No cash
please!

9. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 9 O F 1 7
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C y b e r S e c u r i t y a n d F ra u d R i s k s
Crisis situations often create opportunities for criminals and the
coronavirus crisis will be no exception. As consumers, businesses and
employees adapt to new payment environments, rise in cyber-attacks and
fraud could become a significant concern.
Elie Beyrouthy, Vice President, Government Affairs, at American Express,
talked about the need for Strong Customer Authentication (SCA) principles
to be included in the Payment Services Directive (PSD2), to mitigate fraud,
especially for e-commerce transactions.
The new PSD2 directive is a fundamental piece of payment legislation in
Europe, which drastically impacts the financial ecosystem and infrastructure
for banks, fintech firms and businesses that employ payment data to
benefit customers.
The European Banking Authority (EBA) had set the deadline for the
implementation of PSD2 as December 31, 2020.
c o n te n t w o r k s @ _ c o nte nt w o r k s · A p r 8
U p n o w
E l i e B e y ro u t hy, C h a i r o f t h e E xe c u t i v e B o a rd at E u ro p e a n
Pay m e nt I n st i t u t i o n s Fe d e ra t i o n ( E P I F ) ; V i c e P re s i d e nt ,
E u ro p e a n G o v e r n m e nt A ffa i rs at @ A m e r i c a n E x p re s s
# m e d i a p a r t n e r # f i nte c h # p ay m e nt s # w e b i n a r # f i n a n c e
# We d n e s d ay W i s d o m # n p f 2 0 2 0

10. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 1 0 O F 1 7
..........................................................................................................................................................................................................................................................................................................................................................
Knowledge
Something only
the user knows
(Password, PIN)
Possession
Something only the user has
(Smartcard, mobile phone)
Inherence
Something that defines a user
(Biometrics)
D i f f i c u l t i e s i n I m p l e m e n t i n g T h e s e i n t h e
C u r re n t C r i s i s
Implementing SCA is highly questionable, considering
that many entities remain unregulated and the deadline
has already been extended.
There is a need to increase cumulative threshold to
€250 by contactless card issuers. Most card schemes and
issuers have already increased the threshold to €50.
I t c o u l d b e wo r t h c o n s i d e r i n g f re e z i n g S C A
i m p l e m e ntat i o n u nt i l t h e c u r re nt c r i s i s i s
re s o l v e d ; m ay b e fo r a n o t h e r s i x m o nt h s .
– E l i e B e y r o u t hy , V i c e P r e s i d e n t ,
G o v e r n m e nt A f fa i r s , A m e r i c a n E x p r e s s
To protect consumers, PSD2 requires payments providers and banks to
implement multi-factor authentication for all remote and proximity
transactions across all channels. This means deploying two of these three
features:

11. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 1 1 O F 1 7
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Despite the negative outlook, the economic uncertainty creates new
opportunities for business models, supported by emerging technology. The
fear of infection is unlikely to go away anytime soon. This could accelerate
the switch to a cashless society, along with the adoption of alternative
payment methods, powered by mobile wallets. Personal cell phones will
become an effective (if not preferred) way to make payments, with a focus
on alternative authentication methods through biometrics.
Full Digital & Mobile Banking
84% expect brands to find ways to
maximize digital interaction
63% are more inclined to try a new
digital app than before Covid-crisis
T h e F u t u re i s C o n ta c t l e s s
Current developments bring digital payments to the fore;
but not all digital payments are immune.
– Bank of International Settlements
Stats by Francisco Sierra; General Manager
Spain/Director of European Markets at N26

12. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 1 2 O F 1 7
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PreparaƟon of IT
infrastructure to handle
sudden spike in requests
Redefine IT legacy
structures and
branches
Removing highly
analogous
processes
Fully digial and mobile
user experiences
Working closely with
regulators to find soluƟons
quickly
Francisco Sierra, General Manager and Director of European Markets
of the world’s first digital bank, N26, stated that fintech companies are
more prepared than traditional banks to survive this crisis. He defined
5 points that banks will need to learn to stay relevant.

13. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 1 3 O F 1 7
..........................................................................................................................................................................................................................................................................................................................................................
James Green, Innovator and Intrapreneur, at Société Générale, provided
a strategy focused on three aims to accelerate the digital and innovation
strategy required to survive the crisis.
Cash will Always be Around – Preferred Method of Payment by Country
Agree Disagree Neither agree nor disagree
80
100
40
20
0
60
Image Source: Deutsche Bank Research, January 2020
US UK Germany France Italy China
In economies like China, where 73% of users were using online payments in
2018, COVID-19 could be a significant driver towards the total elimination
of cash. Countries like China and other South East Asian countries have
large populations of Gen Z and millennials, who are typically more open to
adopting new technologies, in contrast to Europe and the US.
Invest in New OperaƟng Models
Transform IT
systems through
adopƟon of new
soŌware
development
methods
Reinforce State-of-the Art ExperƟse
Recruit talent in
Big Data, AI and
Cybersecurity
Promote InnovaƟon
Bring a cultural
change in
organisaƟons that
fosters innovaƟon

14. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 1 4 O F 1 7
..........................................................................................................................................................................................................................................................................................................................................................
James Green
V i c e Pre s i d e nt , I n n o vato r a n d
I nt ra p re n e u r
@ S o c i e te G e n e ra l e
Keynote - Slides
Elie Beyrouthy
V i c e Pre s i d e nt , E u ro p e a n
G o v e r n m e nt A ffa i rs , C h a i r o f
t h e E xe c u t i v e B o a rd
@ A m e r i c a n E x p re s s ; E P I F
Keynote - Slides
Ruta Merkeviciute
H e a d o f D i v i s i o n fo r E- m o n e y
a n d Pay m e nt I n st i t u t i o n
S u p e r v i s i o n
@ B a n k o f L i t h u a n i a ; E BA
Keynote - Slides
S p e a ke rs

15. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 1 5 O F 1 7
..........................................................................................................................................................................................................................................................................................................................................................
Gijs Boudewijn
D e p u t y G e n e ra l M a n a g e r ;
C h a i r Pay m e nt Syste m s
C o m m i tte e @ D u tc h Pay m e n t s
A s s o c i a t i o n ; T h e E u ro p e a n
B a n k i n g Fe d e ra t i o n ( E B F )
Keynote - Slides
Chris Crespo
F u t u r i st a n d D i g i ta l S t rate g i st .
Fo r m e r C h i e f F u t u r i st
@ ex . N o rd e a
Keynote - Slides
Francisco Sierra
General Manager, Spain /
Director of European Markets
@ N26
Keynote - Slides
S p e a ke rs
Check out upcoming webinars by QUBE Events

16. QUBE Events was created to provide an authentic platform where business
leaders could build and cultivate long lasting relationships in a healthy
and productive space.
A b o u t Q U B E Ev e n t s
Create an event experience that will allow attendees to
manage their time, space and business contacts.
Customised level of participation at events.
Activities selected, based on business or personal
development needs.
Access to a network of senior executives.
O u r P h i l o s o p hy :

17. C O N T E N T W O R K S . A G E N C Y ∙ P A G E 1 7 O F 1 7
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C o n te n t w o r k s A ge n c y a n d D i g i ta l
Tra n s fo r m a t i o n
It is advancements in digital technology that will make this crisis
bearable. Through digital technologies, individuals and companies will
be able to access key services like communications, payments, credit
and collaboration, without compromising on social distancing.
We understand the work that lies ahead for payment services providers.
Many will need to adjust their portfolio of services, adapt to new
operating models and rethink their marketing strategy completely.
Payment operators will be instrumental in helping businesses resume
activities in the shortest time possible, after the crisis is over. This
means they need to stay prepared.
Contentworks Agency is focused on providing robust social media
and content marketing to clients in the fintech and financial services
space. Our team is calm, compliant and ahead of the curve in the fast
paced world of financial services marketing.
Visit www.contentworks.agency to learn about our services and follow
us on Twitter for daily financial marketing insights.
John Kennedy street, Iris House, Office
740B, Lemesos 3106, Cyprus
hello@contentworks.agency
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