How Are Secure Online Payments Playing Their Part In This Pandemic?

How Are Secure Online Payments Playing Their Part In This Pandemic?

Who knew that in a split second, the world as we knew it would change? If someone said wearing a mask daily, self-isolation and working from home would be the new normal, you probably wouldn’t believe them.

Yes, the world certainly looks different right now. And it will for some time – in fact, social distancing rules could be with us for years. But so much disruption has also forced many to relook their everyday lives and habits. Especially when it comes to transactions and payments.

During the coronavirus crisis, digital payments have been both contributing to keeping economies alive, as well as helping reduce physical contact to delay the spread of the virus. While many would usually have used cash, or visited the bank in order to send money globally, now their behaviour has changed in the blink of an eye.

Isolation at home has quickly transformed the internet into a global village. But that’s not all online payments are helping with. These payments are also ensuring that consumers can buy essentials and other goods from the comfort of their homes, as well as limit in-person transactions even more.

Many businesses around the world have moved online to keep their virtual doors open, too. These physical stores have had to gear up for e-commerce initiatives and digital payments, in an effort to keep their small business revenue flowing.

What’s more, is that online payments are even helping to put stimulus funds into consumers’ hands more rapidly. It certainly is an important time to be able to both spend money whilst practising social distancing, as well as send money globally, back home to family and friends that might need the financial support.

Understanding online payments and safe transactions

Digital payments do often come with the weariness of security breach though, and it’s for that reason that people might have avoided online payments pre-pandemic.

Data privacy poses one of the major concerns in many countries when it comes to online payments, even though there are a few different avenues that support online payments. It’s more than important to partner with the right company from the get-go. Specifically, a company that has a safe and secure system in place that is guaranteed safety and security, such as an eWallet. MiFinity’s eWallet meets all the global security standards for online payments and is a trusted platform used widely, and by many.

An eWallet is a ‘digital wallet’ system that securely stores the user’s payment information and passwords. Used alongside mobile payment systems, it allows shoppers to pay for purchases with a smartphone equipped with the proper app and a near-field-communication (NFC) microchip at an NFC-enabled point-of-sale (POS) terminal.

How exactly does the eWallet work for safe transactions?

Thanks to safe and secure eWallets like MiFinity’s eWallet, customers can now purchase their favourite brands from anywhere in the world, with this advanced online method of payment. But is it safe, secure and trusted?

The answer is yes. Especially when you sign up with a trusted online payment solutions company. eWallets are considered much safer than traditional wallets because of the built-in redundant protections with a passcode or biometric being required to gain access to the application. Plus, these digital wallets heavily encrypt all credit card and banking details to help keep them secure from hackers.

What is more, is that today’s smartphones also come equipped with serious security features like locks and fingerprint access. This provides an additional level of security if the device is lost or stolen. NFC-enabled smartphones also have an encrypted SE chip that holds the data required to initiate and complete a transaction, making it completely safe and secure.

The only downside of eWallets and digital payments is that it can create issues for populations who are less tech-savvy or who lack resources to purchase devices that could support digital payments. If this pandemic has thought us anything, it is that everyone deserves to have access to the online world, especially when physical contact needs to be limited.

In this way, eWallets are great at limiting contact as one simply needs to tap or wave the enabled device in front of the NFC terminal checkout, in order to pay for a purchase or pay for something security at home.

Simply put, eWallets are really safe and secure for both transactions and contactless purchases.

Ready to get your eWallet?

According to the World Economic Forum, “Digital payments are now a backbone to China’s vibrant digital economy. Contactless payments to taxi drivers, vendors and even temples and beggars are possible through scanning a QR code.”

It’s clear that China’s path to enabling digital payments should provide some lessons for other countries to follow suit. The simple fact is that those that aren’t using digital payments yet are missing out on a tool that can limit contact and keep virus outbreaks at bay. But the benefits of a more digitized global trade beyond COVID-19 is also an exciting part of the future.

If you’re wanting to continue social distancing, and move at the pace of the digital world, it’s about time for an eWallet.

MiFinity is the brains behind your secure payment needs and we offer a range of cost-effective and efficient end-to-end payment solutions through the best-in-class, highly secure and regulated technology platform. We understand the importance of your financial details which are never shared with any other parties.

Sign up for your MiFinity eWallet today, and you too can transfer funds securely and confidently to websites or P2P payments between customers.