to COVID-19
With the COVID-19 pandemic in full swing, many people are staying at home and doing their shopping through mobile phones and computers. As a result, e-commerce and cashless payments have seen growth and spread further across different markets.
May 13, 2020 | Sara Wang- Governments, payment providers and health experts encourage the use of cashless payments in the time of COVID-19
- Social distancing has brought more consumers online
- E-commerce platforms in China have offered financial support as well as last-mile logistics solutions to aid merchants
As COVID-19 remains a global threat, its human impact becomes even more significant. The highly contagious nature of the virus has spurred public concern that the disease may be transmitted through banknotes. With this idea in mind, consumers seem increasingly ready to embrace digital wallets and contactless payments not just out of convenience, but also because of safety.
Cashless payments are encouraged during the pandemic
With cash passing from one hand to another, many people fear that the use of coins and banknotes may be a way to worsen the outbreak. A microbiology study published on The New England Journal of Medicine has found that the virus that causes COVID-19 can survive for three hours in the air, 24 hours on cardboard and even longer on other hard surfaces. The fact that the virus survives best on non-porous materials, such as plastic or stainless steel, means that ATMs, credit card terminals or PIN pads could transmit the virus too.
The World Health Organisation (WHO) itself has recognised this threat. In a report by WHO and Global Health Cluster, it was advised that “where this is possible, contact-less electronic or mobile payments should be the preferred option to reduce the risk of transmission.”
Some countries are taking this a step further. South Korea, for example, is quarantining all cash received by its central bank, the Bank of Korea, for two weeks before disinfecting and putting it back in circulation. China has undertaken similar efforts. The Central Bank of Kenya also issued new directives in March encouraging the use of mobile money transactions instead of cash ...
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to COVID-19
With the COVID-19 pandemic in full swing, many people are staying at home and doing their shopping through mobile phones and computers. As a result, e-commerce and cashless payments have seen growth and spread further across different markets.
May 13, 2020 | Sara Wang- Governments, payment providers and health experts encourage the use of cashless payments in the time of COVID-19
- Social distancing has brought more consumers online
- E-commerce platforms in China have offered financial support as well as last-mile logistics solutions to aid merchants
As COVID-19 remains a global threat, its human impact becomes even more significant. The highly contagious nature of the virus has spurred public concern that the disease may be transmitted through banknotes. With this idea in mind, consumers seem increasingly ready to embrace digital wallets and contactless payments not just out of convenience, but also because of safety.
Cashless payments are encouraged during the pandemic
With cash passing from one hand to another, many people fear that the use of coins and banknotes may be a way to worsen the outbreak. A microbiology study published on The New England Journal of Medicine has found that the virus that causes COVID-19 can survive for three hours in the air, 24 hours on cardboard and even longer on other hard surfaces. The fact that the virus survives best on non-porous materials, such as plastic or stainless steel, means that ATMs, credit card terminals or PIN pads could transmit the virus too.
The World Health Organisation (WHO) itself has recognised this threat. In a report by WHO and Global Health Cluster, it was advised that “where this is possible, contact-less electronic or mobile payments should be the preferred option to reduce the risk of transmission.”
Some countries are taking this a step further. South Korea, for example, is quarantining all cash received by its central bank, the Bank of Korea, for two weeks before disinfecting and putting it back in circulation. China has undertaken similar efforts. The Central Bank of Kenya also issued new directives in March encouraging the use of mobile money transactions instead of cash ...
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