The Covid-19 pandemic has created as many opportunities as it has challenges for businesses. For example, national lockdowns have accelerated the move online to such an extent that companies that fail to adapt have found their business models not only outdated, but in many cases completely incompatible with the structural change in consumer behaviour. This is not only apparent in the booming online retail space, but in the way other services are being delivered and paid for.
Indeed, millions of people now use their mobile phone accounts to pay for subscriptions to Netflix, Amazon Prime, BritBox, Xbox, and other media offerings. The providers of these streaming content services are leveraging their footprint in a smart way, too, having seen the benefits of using mobile payment platforms to capture a greater share of consumer spend for their services, and create a high value recurring revenue stream.
This is one reason why mobile payment platform Bango has delivered 50 per cent higher annual cash profit than analysts had expected a few months ago. In January, new users were 50 per cent higher than at the peak of last year’s lockdown, a statistic that highlights the stellar pace of growth and one that still offers an investment opportunity to exploit.