The Importance Of Digital Payments During A Pandemic

There’s no doubt that COVID-19 has impacted the lives of individuals worldwide, both professionally and personally. Although we look forward to a time post COVID-19, there may be long-term implications on global economies and the digital payments industry as a whole.

In fact, it is expected that there will be a short-term drop in payment activity whilst economies in lockdown have been forced to slow down.

But, at the same time, because exchanging cash could transmit the coronavirus, many countries are reconsidering the use of cash, and turning to digital payments.

So much so that the Chinese government has even begun to disinfect and destroy banknotes to stop the short term spread of the virus, especially banknotes that have been through high-risk settings such as food markets or hospitals. These measures are definitely not extreme considering that other viruses have been known to live on a banknote for more than 17 days.

Yes, that’s right, digital payments are more important now, than ever been before. The global spread of COVID-19 has given the world a push to relook how payments are handled and moving more towards the future of digitization.

Previously, older generations might not have considered using online payments but now they are being forced to find other ways of making payments, especially international payments.

MiFinity has always been at the forefront of pushing the digital payment trend. We make people’s payments easier and more secure, while still providing various options and localized experience to both the customers and the business.

What does the world of finance look like right now?

How is the industry coping with the lock-down? Well, with the rise of remote working, and the decline in travel, digitalization and real-time payments are becoming the new normal. The world is ushering into a fully digital way of doing business out of necessity and with immediate and lasting effect.

Of course, at the moment, looking after our family, friends, colleagues and employees at this time is the number one focus, encouraging everyone across the world to stay home.

The very next focus for those in the financial sector and transaction infrastructure is to create stability of systems for both payments and securities, as well as show that these methods are trustworthy.

At MiFinity, we’ve been in this game for a long time. With the MiFinity eWallet, anyone can send money to another user instantly, without waiting for the bank to clear it. You can even send money to China in a flash, or make other global payments.

According to Channel News Asia, digital payments are already trending and strong. At the end of 2018, close to 73 percent of Internet users in China were already using online payment services.

Our eWallet solution is so simple and easy to use, you can even send money to a non-user by simply using their email address or telephone number. Once they sign up, they’ll receive their money instantly.

There’s never been a more important time to support each other than right now, and luckily sending money globally to family and friends has never been easier.

MiFinity’s slogan is “Payments Without Borders” and we will do just that to ensure we keep processing payments for our customers and merchants at all times, without borders.

Keep safe, sane and stay at home.