Britain’s transaction should shift to card during Covid-19 crisis
As cases of coronavirus increase hour by hour, experts are looking into every possible solution in an effort to stymie its transmission. In doing so, cash payments have been flagged up as a possible contributing factor to the spread of the virus.
Studies suggest that coronavirus can survive on various materials for days at a time. For example, similar viruses have been shown to remain contagious on paper for up to 72 hours.
Allied Irish Banks have suspended plans to incorporate a transaction fee on contactless payments in light of the pandemic. Cash changes hands frequently as is therefore vulnerable to picking up bacteria and viruses, according to a spokesperson for the World Health Organisation.
Card use has become the predominant form of payment in Europe, though cash still remains the preferred option in large parts of Southeast Asia and South America. WeSwap’s data across 500,000 users shows the use of card vs cash for transactions across the globe:
Card
1. Sweden 81%
2. Norway 77%
3. Finland 71%
4. USA 71%
5. Luxembourg 70%
6. Denmark 70%
7. Czech Republic 69%
8. Canada 69%
9. Switzerland 67%
10. Mexico 66%
Cash
1. Cambodia 93%
2. Lebanon 88%3.
3. Ecuador 84%
4. Peru 81%
5. Croatia 77%
6. Japan 77%
7. Greece 74%
8. Slovakia 73%
9. Montenegro 72%
10. Thailand 72%
Covid-19 has had a significant impact on global markets, driving down the value of the pound against other currencies. These temperamental variations can add an additional stress factor for those needing foreign currency.
Matt Crane, MD of WeSwap, gives his views on cash and card transactions following the pandemic:
“The impact of the coronavirus pandemic continues to grow everyday. In an attempt to reduce its spread, we are seeing companies promote contactless transactions in lieu of cash payments, which studies suggest are more likely to carry the virus. For those who need to travel during the coronavirus pandemic, it is important to protect yourself.
The virus has also had a significant impact to financial markets, affecting the value of the pound against other currencies. Subsequent events, such as the Budget’s response to this crisis, as well as the United State’s travel ban have made exchange rates even more unpredictable.
To try and keep ahead of market fluctuations, and even make the most of them, there are several rate alert systems you can use. Our Smart Swap feature is one example of this, allowing users to jump on favourable rates quickly and easily.”