Consumers now readily embrace the use of contactless payments and mobile wallets. Research studies show that Germany’s contactless payment transactions increased to over fifty percent of all card transactions when it was only thirty-five percent before the pandemic.
Of global significance.
As the Coronavirus pandemic health risk is continuing in many areas in the world, there is one thing that is clear: the human and economic impact is of global significance. One of the things that have drastically changed is the way on how consumers go shopping. People are becoming extra cautious about going to shop in offline retail stores. Since millions of people are now working from home, the pandemic has caused changes in how they do shop and also in the manner that they make payment transactions.
Increase in online payment transactions
Due to the increase of online payments, there are spikes in the payment processing that may cause certain challenges in the handling of online payment transactions for both payment processors and merchants. However, there are certain payment providers that are ready for the increase of financial transactions that happened during the height of the lockdown.
No longer wanting to use cash
There are many people who prefer not to transact anymore using cash. Though there is doubt that the coronavirus stays on bills and coins in the same manner that it survives on different surfaces, a lot prefer not to take any risks. Banknotes and coins are notorious in their harboring of pathogens like Salmonella or E. coli, therefore the fear of these being able to have the COVID-19 is not unsound.
No physical interactions
Digital payment methods and contactless payments are secure payment transactions that require no physical interaction. Many people are not aware that those plastic cards also are can carry bacteria while mobile devices also can be laden with germs. So, it is best to keep these clean and keep your hands sanitized to get rid of bacteria. Note that even banks nowadays sanitize the cash that they have, as a preventive measure against the virus and to get rid of germs.
Increase in grocery shopping
As eCommerce shopping experience growth in this sector because more consumers are using online shopping apps and sites to buy what they require. The surge is obvious by the increase in grocery shopping as many people do buy food stock and other essential items. Online bills payments have also have increased, as well as eBanking.
Lifestyle changes
There are lifestyle changes that we must make to be living with the threat of being infected by COVID-19. This virus is in our midst and seems to be a prevalent threat for a long period of time. However, to stay safe, there is the option to use online payments and do contactless transactions more frequently. By downloading the right online payment app, it would be possible to pay with ease, and it will be able to enable one to be able to access more of their financial accounts than most other online payment apps.