While the full cost of the crisis has yet to be assessed, the output contraction and job destruction observed so far (as well as the less readily measurable social costs) have been on a scale unseen for more than half a century.
The pace of change is rapid and the payments landscape is complex and evolving quickly. New technologies are creating new ways of moving money around and new business models are emerging. There are also new players, including the big techs and the fintechs. And blockchain and distributed-ledger technologies are opening up new possibilities.