06 / 10 / 20

How COVID-19 Will Impact the Future of Payments

Millions of transactions take place around the world each day, and the ones that occur in brick-and-mortar locations are an opportunity to spread everything from the common cold to the coronavirus. Here, we will explain the ways that cash and credit/debit cards are not the safest payment methods, and we will discuss some better alternative payment methods.

Cash is dirty
COVID-19 is believed to stay alive on many different surfaces, including banknotes. Cash is being quarantined for up to 14 days in some parts of the world. Some countries are also using methods such as heat to disinfect it.

The more cash is used, the dirtier it gets. Small denominations circulate frequently, and they could play a vital role in spreading the virus. To help mitigate the spread of the virus, the U.S needs to be ready to adopt a payment system without using notes.

Credit and debit cards are not safe either

Some studies have found that plastic credit and debit cards can actually be more contaminated than currency in some cases. The simple exchange of cards from customers to cashiers can be enough to spread a multitude of viruses. There’s also the pens that customers use to sign receipts, POS terminals, and ATM touch screens that are used by many people.

Hello alternative payment methods!
To make payments safer in the age of coronavirus, merchants must adopt payment methods that involve no physical contact.  Examples of contactless payments include Apple Pay, AliPay, Google Pay, WeChat and cryptocurrency. To get started with crypto payments for your business, contact us today!

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