While currency was already losing favor before Covid 19, the pandemic has hastened the global shift to a paperless economy, this is where Flooss comes in to play. Parts of the world have gone under a second lockdown as winter sets in and infection rates rise again. Physical money may soon be obsolete since electronic payment has become the norm for everyday business. For example, with the launch of Flooss, people could cashlessly and seamlessly conduct transactions of their bills and vouchers as well as top ups.
COVID-19 is advancing us toward a cashless economy in some ways.
- Peer-to-peer transactions
- People were stranded at home for weeks after abrupt lockdowns were implemented in most countries. Person to person payment apps came to the rescue when it came to sending money to bereaved family and friends, as well as paying rent to landlords. All these transactions can be completed with a smartphone instead of using cash or a credit card to engage with a point-of-sale terminal. Payments can be made online, which is entirely remote, in a cashless world, and proximity payments can be made for unattended or attended retail shops. The proximity method can be used to make contactless mobile payments with credit and debit cards saved in an e-wallet
- At gas stations, you can pay with your debit or credit card. With covid19 lockdowns were implemented, which resulted in a drop in gasoline usage at first, but as cities reopened, consumption increased again. The demand for cashless payments at gas stations arose, however, because of the fear of contaminated paper money
- Grocery and retail store contactless transactions with the introduction of Covid 19, the food retail industry moved fast to implement optimum cleaning and sanitizing techniques. Wave payment and tap and go cards were among the cashless payment methods available to customers at grocery retailers. Walmart, the world’s largest retailer, introduced a new no-contact payment option for customers, allowing them to scan a QR code with their cellphones in cashless locations.
COVID-19 has altered the landscape of payments and set the road for individuals to shop in the future. Consumers have seen and experienced the long-term benefits of using a cleaner, safer, and faster method of making payments, as well as becoming more socially responsible. With the virus likely to have a long-term effect on people’s life, a cashless society appears to be the road the world is taking and is prepared to go.
Stay tuned for more about FLOOSS