Digital Payment: A Way to Reduce Social Contact

Social distancing is the current norm that every citizen of the world is following religiously. Well, simply because each of us realises its immense importance now than ever before. It’s only in the benefit of us (individually) and of the entire world that we’re a part of. And every step towards the achievement of this common goal counts. One such important measure is digital banking.

The RBI has strongly appealed to and encouraged the entire world through several means of communication to accept and follow digital payment method. It is being looked at as a powerful way to reduce social contact as well maintaining the need of the hour – social distancing.

Why are Currency Notes Deemed Unsafe?

According to research, the corona virus has the potential to stay active on several physical surfaces including metal, cardboard and paper. This includes currency notes too, which are currently deemed as the highest risk transmitters of the virus. The UK, Australia and Canada have already made the switch to polymer notes. In other nations, until this possibility can be looked into, digital payments are a safe and more convenient alternative.

Why is Digital Payment Crucial at This Hour?

Currency notes have contributed quite a bit in the spread of the novel coronavirus COVID-19 in the entire world. This is because these notes involve hand-to-hand touch, an extremely risky means of spreading the virus from one person to another within seconds. With a view to reduce such physical and social contact among people and to further curtail the spread of the virus, governments in several parts of the world followed a state or nation-wide shutdown policy.

This entailed shutting down of stores, malls, theatres, and the like. However, it can’t be denied that exchange of currency and making/receiving payments even at this critical hour is inevitable. We need money for everything – from buying essentials in the wake of this unprecedented crisis to paying employees working from home. To keep this currency flow going, the RBI, with support from local governments the world over, is encouraging respective citizens to adopt, rather completely switch to, digital banking wherever possible.

How does it help? It drastically removes the possibility of any physical touch and also reduces the chances of social contact. People don’t need to use or distribute currency notes anymore for their vital needs. They can easily and safely accept and make payments via numerous digital payment channels available at their disposal –internet banking, mobile banking, UPI, PayPal, mobile digital wallets, etc.

These channels can be easily installed on every phone or portable device in the form of internet or mobile apps. Just one click and you’re all sorted to pay bills, groceries, fees and whatever else you’d been paying via currency notes earlier. It’s that simple.

To Sum Up

The corona virus impact has crippled several economies. While its aftereffect still needs to be seen once it wades off, to keep the economy going strong and not cause turbulence, digital payment is being looked at as the best substitute.