COVID-19 has severely affected economies worldwide. It’s no wonder that the declining economy has led to many problems. Now, fintech companies need assistance due to the rise of dangerous loans attributable to COVID-19. Let’s look at the situation in the UK and discover the best merchant services UK.
Fintech Amid COVID-19: Best Merchant Services UK
The COVID-19-related restrictions led to the widespread use of remote services. People and businesses started relying on online shopping and delivery, as well as making payments via mobile devices more often. The number of people preferring to use digital services has grown to an incredible extent, and many of them aren’t going to stop using these services even after COVID-19 is gone.
A number of countries have raised the limits on the size of contactless payments. These include the UK, Germany, Ireland, Poland, Norway, Egypt, and not only. In Europe, the use of fintech apps has grown by 72%, as deVere Group reports.
Given the current developments in payments, you can’t stay aside. You need to find a true payment expert in the UK that can help you enjoy easy access to the best merchant services UK. A trustworthy payment-processor comparison expert in the country is the guarantee of getting approved for the cheapest merchant-processing services without any hassle.
Fintech Sector & Bad Loans
According to the UK government, the COVID-19-related losses are likely to account for 23 billion pounds. This refers to the loans meant for the businesses hit by the crisis. The Department for Business, Energy and Industrial Strategy has reported that the best outcome could mean nearly 13 billion pounds.
On the whole, the country’s economy is facing problems now. Thankfully, the fintech sector in the UK is strong enough to stay resilient compared to the public sector and banking. By the way, the Bank of England (BoE) is focused on being more pro-fintech. The government will be giving 5M GBP to assist the economy. 85% of the amount is meant for the fintech sector.
So, COVID-19 has dramatically hurt the global economy. The fintech sector is considered as a trusted source to rely on in the UK.
Author Bio: Payment industry guru Taylor Cole is a passionate payments expert who understands the complex world of the best merchant services UK. He also writes non-fiction, on subjects ranging from personal finance to stocks to cryptopay. He enjoys eating pie with ice-cream on his backyard porch, as should all right-thinking people.