Covid-19 has forced people from all over the world to adapt – pretty much overnight.
We’ve completely altered the course of our lives so we could have a better fighting chance against the virus that has and continues to impact the entire world.
Luckily for us, we aren’t defenseless in this fight. Technology has been our survival buddy, something we can rely on to keep us connected to our loved ones and to entertain us during times we find ourselves on edge.
When it comes to the world economy, however, our reliance on tech has become a complete necessity. While major transactions have been digitized for a while, a pandemic demands a quick, secure, and easy to use system for smaller purchases, such as for daily necessities.
So we found a way. Two golden words: Cashless payments.
The Switch To Cashless Payments
The switch to cashless payments has not been easy.
But over time, we adapted. With concerns about money being an active carrier of germs, the pandemic has become something of a catalyst for cashless solutions. Even traditionally cash-heavy economies like Europe came to quickly embrace this change.
The numbers tell the story – between 2019 and 2021, the number of annual cashless payments rose by a staggering 10 billion – and is predicted to rise to nearly 200 billion by 2023.
Perks of Going Cashless
While we’re certainly eager to return to the post-pandemic way of living, we’re not compromising with our safety and health in any way. Going cashless is one of the most effective ways of reducing the risks of contracting the virus.
Here are some of the ways we can benefit from going cashless:
Benefits Businesses
Going cashless has multiple benefits. You get to skip long queues, maintain social distancing and reduce fraud and theft all in one go.
To keep up with the cautious customer base, businesses scampered to provide a cashless means of transaction in a bid to stay afloat during these challenging times. Businesses that have adopted a cashless payment system have noted a significant increase in revenue and profit.
More Secure
Cashless payments offer more security. While a thief could run away with your wallet and steal your money, they can’t use your debit/credit card without a PIN number. Moreover, you can easily stop your credit card and e-wallet by calling the bank or company concerned.
Pay The Exact Amount, Every Time
When you go cashless, you will never have to worry about falling short on a couple of dollars when you’re out and about. Just a single tap on the phone you’ve connected your debit/credit card to and you’re good to go.
Track Spending And Improve Budgeting
Going cashless means having a legitimate record you can analyze and monitor. It will help you keep track of your spending and help you make calculated decisions about specific purchases. This record will help you in filing your tax returns and make you better at budgeting.
A lot of third-party apps also offer reward points every time they’re used for transactions, which can potentially increase your cash flow.
The Takeaway:
Covid-19 has proved to be a means to an end – a deadly reminder that necessity is the mother of invention.
As Covid continues to challenge innovators across the world, it’s our job to understand this new environment, and make the best effort we can to adopt new ideas and leave behind old ones.
About PouchNATION
PouchNATION is asia’s leading all-in-one cashless and guest management solution for venues and events that digitize operations and increase guest spend using NFC wearable technology. Find out how your venue can benefit from our scalable and flexible solutions here.
