Get comfortable with contactless payments. The COVID-19 pandemic has led to a huge shift in alternatives in point of sales. Many people are currently adjusting to our “new normal” and as a consequence wont have access to their usual ways of paying. Being educated on payment methods available to us is the first step while considering which alternative works best for you.
Despite the WHO stating that it has not issued an official warning against using cash, instead advising consumers to wash their hands thoroughly while handling cash. An estimated 3% of cards in the United States are contactless. Following the emergence of COVID-19, PaymentsSource reports that 38% of U.S. consumers now see contactless as a basic need. Contactless payments are widely readily adopted in Europe, but this ongoing pandemic could be the tipping point for the acceptance of digital.
Deposit and withdraw easily with digital wallets. The safest way to transfer money to each other these days is to make P2P payments using digital wallets. These wallets have user-friendly deposit and withdrawal methods linked to a bank account, which also don’t rely on sharing financial details in many cases. Payment providers that offer consumers the opportunity to financially support and assist each other that doesn’t compromise financial security and well being is the best option at this time.
One of the biggest reasons people have shied away and avoided digital commerce is because of a reluctance to share their financial details online and instead relied on traditional payment methods. With traditional banks having more online options, expect seeing the surge continue to grow. Which will also lead to a surge in adoption for mobile wallets. Like contactless cards they are embedded with near-field communication technology that can be used for proximity payments via radio waves. Known for their smooth and seamless customer experience. Its not just a faster checkout, all devices are supported like checking out from a desktop, laptop, tablet or smartphone.
This brings extra layers of security because they’re housed within the confines of your mobile device. Transactions are made using authentication, monitoring and data encryption to secure your personal information. Already, people are using the situation as an opportunity to scam others, as well as scammers using online marketplaces to sell products that don’t exist. Always remember banks will never ask for your full PIN or password via phone or email, or ask you to transfer money from your accounts. Ultimately, being aware of what alternative payment methods are out there is vital. Online merchants have the responsibility to take all of this into consideration when keeping up with the times. Especially if they want to attract new customers and keep the loyal ones.
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