We do not need a crystal ball to determine the future of payments, it can be summed up in a few words: speed, transparency, personalisation, choice, and safety. The evolution of entities in the payments ecosystem in the last decade – whether traditional banks, payment processors, fintechs, or merchants – points to the fact that we are moving to a model where the transfer of money will be instant, frictionless, and omni-channel.

After COVID-19, banking will be much different than it was pre-pandemic. The change in the way people bank, the future of work, the use of modern technology and the value of brands will all depend greatly on the time it takes to settle on a 'new normal'. A look into the future provides a good foundation for what needs to be done today.

Tata Consultancy Serivces, Cognizant Technology Solutions and Persistent Systems have emerged on the frontlines in the battle to contain the coronavirus outbreak. The IT services providers are helping governments as well as drug developers identify new molecules to combat the pandemic, create simulations on how the virus spreads and build digital tools for clinical trials.

The rollout of 5G has been met with an element of scepticism. There are questions around whether the technology will deliver on expectations, concerns around security for both businesses and consumers and, although not proven, worries about potential health risks. Whatever reservations people may have, the fifth generation of cellular technology is upon us, bringing with it an abundance of opportunity for businesses to capitalise on increased data speed and potential new revenue-generating models as well as benefits for society at large.

Cognizant Technology Solutions Corp will pay an extra 25% of base pay to some employees in India and the Philippines as a majority of its offshore workforce work from home amid the coronavirus pandemic, taking on extra work, Chief Executive Officer Brian Humphries said.