How Will The Coronavirus Pandemic Transform Online Payments Forever?
COVID-19, also known as the ‘Coronavirus’, has already claimed thousands of lives as the most severe pandemic in recent memory sweeps across the world. The virus has already seriously affected all aspects of the economy, with trillions of dollars already lost globally. It’s also changing the way people shop as societies across the globe move away from using cash and toward online payments.
According to numerous media reports recently, COVID-19 has already had a substantial psychological effect on consumers who are increasingly thinking of cash as unclean and a potential virus spreader. As such, there’s more and more talk about contactless, online payments, which analysts project will rapidly become the new favored payment method for most people across the globe.
1. Cashless Societies
As the number of people infected with COVID-19 skyrockets in a short period in Europe, Southeast Asia, and particularly in the U.S., people are understandably panicking about many things, from unemployment to collapsing healthcare systems. Companies are even trying to encourage people not to use cash at all and to opt for online and mobile payments for the foreseeable future. This includes Alternative Payment Methods as are popular in the Far East and across Southeast Asia already.
2. Chinese Banks
Meanwhile, in China, where the novel pandemic emerged from, banks were ordered to disinfect cash before issuing it into general circulation. It remains unclear due to the repressive communist government in China exactly how many people have perished from COVID-19 to date, with ‘official’ estimates standing at around 3,500 deaths in the Wuhan region, experts believe that number could be much higher. This means that it’s likely that China and other Southeast Asian nations will become almost entirely cashless before long, relying on robust and reliable payment providers for goods and services.
3. Mobile Future
While in the states, most people rely on credit or debit cards, in China, more than 80% of consumers utilized mobile payments for products in 2019, with that number at just 10% in the USA. Even though a severe global recession is a foregone conclusion at this stage, there’s little doubt that people across the world will increasingly look to mobile payments for their purchases. For that, a payment processor who can handle large volumes, even during a crisis, is what you need.
4. Quarantine Shopping
While some people are ordered into quarantine, others who suspect they may have COVID-19 are putting themselves into self-quarantine to reduce the spread of the virus. While PayPal, Zelle, and other online payment services have seen an increase recently, digital payments in India have also soared in recent years as the global trend towards online payments is happening no matter who you ask. Zotapay has also seen an increase in online payments in recent weeks, and despite unemployment and the strain on finances, there are always vital and basic products and services that people need.
5. Choosing Zøtapay
The entire Zotapay team has been through emergency training to ensure vital new protocols and procedures across our payment operations. Despite the Coronavirus, for many Zotapay clients, it’s ‘business as usual’ for the most part, as online orders spike due to various lockdowns. This means that Zotapay clients are only experiencing minor inconvenience despite the situation.
- Tailor-Made, Online Payment Solutions For Your Business Are Vital At This Time;
- Zotapay’s Risk, Compliance, Underwriting, Processing, and Support Teams Are Working At Full Capacity;
- No Delays Or Issues With Settlements From Zotapay;
- Daily Monitoring Of the Situation, With The Ability To Be Flexible.
Within hours, Zøtapay can have you set up to receive payments through our proprietary online gateway, utilizing the latest in API Plug-in technology, including:
- More Than 1000 Global Payments Solutions;
- Ability To Process Any Currency Worldwide;
- Settlements In Local Currencies;
- Proprietary Gateway Hub;
- Tailor-Made Payment Processing.
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