How Covid-19 Could Transform the Contactless Payment Market
The World Health Organization (WHO) has determined that germs linked to Covid-19 may live on cash bills for several days following initial contact. That means the money you just got back with your purchase may have lingering traces of the highly-contagious coronavirus.
Cash is not the only payment method that carries germs. Virtually all payment methods, including your own debit and credit cards, are susceptible to germs in some capacity. The question is: what is the best payment method during the coronavirus outbreak?
Researchers from New York University discovered hundreds of microorganisms on the surface of paper currency, ranging from skin bacteria to pet DNA and even cocaine. In a separate study from LendEDU, ATMs across New York City were found to be dirtier than subway poles and public restroom handles.
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.