COVID-19 Can Remain on Banknotes for Weeks – Propelling the Rise of Digital Payments

CSIRO, an Australian government agency responsible for scientific research has released new data that indicates the virus responsible for COVID-19 is “extremely robust,” and can survive for up to 28 days on common surfaces including banknotes, mobile screens, and stainless steel.

The Australian study only further affirms the growing need for businesses to shift towards digital payments amid this pandemic. Many merchants have already stopped accepting cash at retail locations over the fear that bills and coins could be contaminated with the coronavirus. The cashless preference is also being mirrored among consumers who are increasingly avoiding businesses where contactless payments are not accepted.

According to Payments Canada data released in mid-May, 62 percent of Canadians reported using less cash and 42 percent had avoided shopping at places that don’t accept contactless payments.

“As we continue to adapt our ways of buying while the virus still lurks, digital habits are forming. People who never used banking apps or e-transfers are testing the waters. And those who already heavily used plastic and phones to pay for life’s expenses, are relying on them even more,” says CTV News writer Meredith MacLeod.

These trends certainly act as a catalyst to foster change within the payments landscape. One significant change is the unprecedented surge in online ordering that is further driving out the use of cash when paying for goods or services.

To avoid disastrous economic outcomes during this pandemic, businesses must quickly and efficiently implement a digital payment solution that enables their customers to pay electronically, without the use of cash or cheques.

DCR Strategies is a worldwide payment solution provider specializing in issuing, merchant processing, loyalty/incentives, and mobile payments for businesses, financial institutions, and government departments. We can help accelerate your digital transformation initiatives so you can better respond to the changes in the payments landscape during this pandemic.

References:

BNN Bloomberg, Coronavirus can persist for weeks on banknotes, study finds

Payments Canada, COVID-19 pandemic dramatically shifts Canadians’ spending habits

CTV News, Are Canadians ready to go cashless after coronavirus?

Source: https://www.dcrstrategies.com/financial-news/covid-19-can-remain-on-banknotes-for-several-weeks-according-to-a-new-study-propelling-the-rise-of-digital-payments/