The crisis is likely to have significant effects on the way Payments payments companies develop and invest in innovation propositions. companies have • Research suggests larger companies cut innovation in the face of choked cashflow; they are 25 percent as likely to invest in innovation during been most affected economic crises.9 • Deal volume and capital in China’s venture capital industry fell by significantly approximately 60 percent during the outbreak, and similar downturns in compressed the venture capital and private equity markets are expected globally.10 • However, fintechs and startups, if able to raise the necessary capital, can revenues capitalize on the unique conditions created by COVID-19; digital, embedded and mobile propositions in particular are expected to succeed in a remote-working economy. • The 2008 financial crisis birthed today’s fintechs; could COVID-19 pave the way for a new generation? 14 10 Ways COVID-19 is impacting payments