A growing number of individuals and businesses are choosing digital or online money transfer methods to conduct business. Opting for digital solutions is a great idea, especially during the global Covid-19 pandemic, to avoid using banknotes that are handled by thousands of people. Let us explore safer and easy online money transfer methods and tips for protecting ourselves from the coronavirus.
The Risk of Viruses Transmission through Cash
While health experts and officials believe the risk of transferring the virus using banknotes is small, there is no guarantee that you won’t catch the virus through real money. However, many businesses refuse to accept the currency, while some countries urge their citizens to avoid using banknotes and choose alternative money transfer methods. Many countries in Asia and Europe have ‘quarantined’ new notes as a precautionary measure to prevent spreading the virus.
It’s interesting to note that most devices that people use to make payments, such as credit cards and debit cards, are also vectors for disease transfer. For using these plastic cards, we must touch ATM’s that hundreds of people access every day. Smartphones and tabs used at retail stores can also be heavily contaminated because thousands of people touch them for transferring payments. That’s where contactless payments come into the picture to help us during this difficult time.
What is Contactless Payment?
Contactless payment refers to a secure method for consumers to pay for services or products using a debit card, credit card, or a smart card called the chip card. This card works by using NFC (near-field communication) or RFID technology.
To make a contactless payment, you have to tap your card near a point-of-sale terminal that features contactless payment technology. The best part is these payments do not require a PIN or personal identification number, nor do you have to sign the receipt. Since the transaction limit for each type of card is limited, the allowable amount for every transaction varies by the bank and country.
Some retailers and banks refer to contactless payment as tap-and-go. More examples of this type of payment include Android Pay, Apple Pay, and Google Wallet.
One of the essential benefits of contactless payments is that there is no need for a consumer to touch any currency notes or a screen for entering a PIN. What could be better than that?
How to minimize the risk of contagion, spending money?
Using technology to make safe transactions is going to transform the way we conduct business. Here are four crucial online money transfer tips and methods you can follow to reduce the risk of spreading or catching the coronavirus.
Use a Mobile Wallet
Mobile payments revolutionized the payment industry when it truly began in 2014. That was when Appy Pay launched into the market – as the only primary mobile wallet option for users.
However, different types of mobile wallets continue to flood the market, such as Chase Pay, Samsung Pay, Microsoft Wallet, Android Pay, and Walmart Pay, etc. Each of these mobile wallets offers something unique to encourage consumers to make more purchases. Many brands have their personalized mobile wallets for their consumers. Once the users install the app, they enter their personal information, which the wallet stores by linking a personal identification format. This ID can be a QR code, a key, or a number.
Tap, not Swipe
It’s easy to see why tapping and not swiping can be an effective way to protect yourself against the virus. Even when retail stores do their best to sanitize their currency notes or payment keypads, there is always a risk of catching the virus. Thanks to contactless payment, you can link a credit card or a bank account to your phone and tap the device on a contactless reader. You can also hover over it for triggering payments.
Send Funds through Payment Apps
Mobile payments apps are growing in popularity because they offer a personalized payment experience. Users continue to use different payment apps on making dozens of transactions, without the fear of exchanging contaminated notes.
We are likely to see more in-app purchases in a post-coronavirus world. Generation Z has no memory of life without a mobile device glued to their palms; they will explore and invent more non-traditional purchase methods.
Use Online Payments and Contactless Delivery
As technology continues to transform all areas of our life, consumer behavior is shifting towards online money transfer methods. In the wake of the present situation, people are keen on adopting social distancing measures to restrict the spread of the virus. Limited interactions with cashiers and minimized contact with contaminated surfaces will reduce pandemic risks.
Choose contactless payment options as online money transfers are not only safe but easy to process. You can buy anything you want within the comfort of your home and without touching any banknotes or ATM’s to avoid being affected.