Cashless Payments in the Time of Corona

Cambridge Dictionary defines “dirty money” as “money that someone gets in an unfair, illegal or dishonest way”. Gaining wealth has proved to be the ultimate form of power – no wonder why fraudulent or criminal activities to rake in hefty amounts of money quickly has a history as old as money itself when you consider us barely evolved primates with fragile ethics. Dirty money is not going anywhere soon even though it would disappear physically someday – contrarily, its first definition made a bolder statement than ever. Money in its tangible forms is a cesspool – that should not be news. Make enough contact with banknotes and coins that were touched by people who know where they were prior to handling them and you can rest assured that infection with varying severities could follow if you skip hand hygiene.

Contactless Payments Reduce Covid-19 Risk. Here’s How!

If that was not enough covid 19, a type of coronavirus that is an X-Men cousin of our beloved influenza virus, made an outbreak after showing up in the Chinese city of Wuhan from where it spread all over the world quickly. Making contact with cash now meant the possibility of contracting the disease that sometimes causes fatal inflammation of the lungs. A cashless world was bound to happen and digital currencies were the true accelerator enzymes behind the concept however such chemical reactions will take far less time now as the hazards of cash are now not negligible for the world population.

The 70-year-old credit cards were the first contenders against cash – Diners Club credit cards opened an era where you could live without holding a penny in your palm. They did not obliterate the contact required for transactions to complete though – nobody could predict such a requirement would be a necessity naturally. POS terminals, cashier desks, queues still meant subsequent contact of people – germs could easily find a new playground once you paid for your pizza after tapping your PIN on the terminal.

Cashless World Benefits

Contactless cards have been widespread since the pandemic’s outbreak however that still grants huge privileges to banks and financial institutions about how to manage the data gathered. Going cashless though comes with a plethora of pros your business could make use of. To name some, they are:

  • Minimizing contact
  • Providing better hygiene
  • Fluency through fewer queues
  • Less time consumed for transactions
  • Insight into invaluable data
  • Allocation of resources elsewhere thanks to optimization

Human beings are hardwired to find a comfort zone and slumber within for as long as possible and most innovations otherwise would take years to come up or totally be neglected are those that happened when they are forced out of their comfort zones. Covid 19 pandemic cost almost 5 million lives at the time of writing of this article and spearheaded by the finance industry, benefits of cashless world will hopefully be adopted swiftly by businesses from all over the world – we cannot bring back the lost however we got all the ideas and the arsenal to build a safer and healthier future for generations to come.

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