In Italy, one of the first countries to order residents to stay home in a bid to prevent the virus from spreading, e-commerce transactions have soared 81% since the end of February
Many e-payment providers are falling back on contingency plans put in place to handle seasonal bursts in online shopping, such as Black Friday, in part by tapping additional on-demand capacity in the cloud, industry analysts said., according to estimates by McKinsey & Co.
“The surge is already happening,” Aaron Press, research director for world-wide payment strategies at International Data Corp., said about the sharp increase in e-payments. He said merchants are dealing with challenges in handling the sheer volume of payment-processing needs, whether their payment services are in house or third parties.
Mr. Shivananda said the company’s platform was designed to handle sudden increases in global demand. PayPal declined to comment on the impact of the coronavirus on payment-processing volume. If the bank approves the transaction, the payment processor contacts the seller’s bank to credit their account. The entire process occurs within two seconds.In a sign that the internet is reaching a breaking point, Netflix Inc., Alphabet’s YouTube and Facebook Inc. have agreed to reduce video-streaming quality in Europe to avoid broadband congestion.
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