Cash transactions can cause coronavirus spread ? Expert suggests how to make payments.
- NewsIndia
- Mar 15, 2020
- 2 min read
According to the World Health Organization Novel Coronavirus may spread through currency notes, credit and debit cards.
According to the World Health Organization Novel Coronavirus may spread through currency notes, credit and debit cards. In order to stop the spread of the disease, which is still in its early stages in India, through these payment modes, experts feel it is probably high time to start using contactless payment systems such as UPI, IMPS, RTGS, Mobile Wallets and Net Banking.
Mandar Agashe, MD and founder of leading banking technology provider Sarvatra Technologies, told FE Online today that adopting contactless payment methods can help to stop coronavirus spread through contact-based transaction methods.
"Contactless payments are the way to tide in the difficult times of the present. The novel Coronavirus is believed to be able to remain on surfaces in their fully active state for days. In this context, physical cash handling is considered as a daily routine, as a major cause of concern for contamination risk. Although this has not been explicitly corroborated by the WHO, a statement issued by it says it is' advisable.
India is still in the early stages of coronavirus outbreak, according to Agashe, and many precautionary measures are being taken to prevent the spread. "However, given the current situation, contactless payments could be the way ahead and payment modes such as UPI, IMPS, RTGS, Mobile Wallets and Net Banking could effectively contribute to the reduction of human interactions."
The founder of Sarvatra Technology said many companies that have undergone a digital transformation or are promoting new technologies such as self-checkout (e.g. lifestyle stores) will see faster adoption of digital payments to reduce the risk of human interactions transmitting the virus.
Speaking of other measures to prevent the spread of Coronavirus through Currency Notes, Agashe pointed out that before release to customers, physical cash was sterilized, incentives to use digital payments among others.
"Building proper awareness and education about contactless payment can help us collectively combat the risks involved in addition to taking other preventive steps. This will also encourage India to bring about a shift in its daily habits, facilitating financial inclusion at macro level, "said Agashe.
"Adopting contactless payment methods can lead to a dramatic change in payment habits, as consumers move to digital channels to reduce their risk of cash handling infection," he added.
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