Some articles written lately regarding the intersection of the current coronavirus pandemic and payments suggest that concerns over exposure to the virus during a point of sale transaction will drive the use of contactless mobile wallets and contactless cards. Once such article ran in the publication Lowcards.
I am not so sure:
- As more shops actually close, commerce will shift online and avoid the issue altogether.
- If a shopper has cash, one of the dirtiest forms of payment, they will likely continue to use cash, as contactless may not even be an option for them.
- If I am used to dipping or even swiping my card, I can still accomplish that without touching anything other than my own presumably uncontaminated card, so I don’t really need contactless to conduct a “healthy” transaction.
Here’s a different point of view from the article, including a recommendation from the World Health Organization favoring contactless transactions:
If you can’t trust a card reader or cash, what can you trust to make necessary in-person payments? WHO recommends using digital payments, such as mobile wallets, as often as possible. This bypasses the need to touch card readers. Contactless cards are also good options, as long as the card reader is contactless compatible. Contactless debit cards are projected to represent 60% of the debit card market by the end of next year.
Earlier this month, South Korea’s central bank quarantined all bank notes and burned some currency to reduce the risk of outbreak. The bank also plans to launder the money through a high-heat process before it goes into circulation. The United States has not taken such efforts yet, but the government is encouraging all citizens to practice self-quarantining and social distancing.
No matter what payment method you use, wash your hands frequently after contact. Keep hand sanitizer in your vehicle, purse or pocket, and let it air dry on your hands for at least 10 seconds. Sanitize your phone screen regularly, and cut down in-person contact as much as you can.
Overview by Sarah Grotta, Director, Debit and Alternative Products Advisory Service at Mercator Advisory Group