Contactless Payments in Times of COVID-19

Covid-19 pandemic has drastically changed the very way in which the whole world functions. Governments across the world have established strict social distancing protocols in order to control the spread of the virus. This has brought about a major behavioral shift in consumers collectively. With the majority of the population working from their homes, communication and collaborative platforms are high in demand. People are now scared of contracting the virus which has made them accept digital means to live their day to day lives. Payment gateways have had the reflected effect of this shift. Consumers are now heavily inclined towards a contactless payment gateway or an online payment gateway. Covid-19 has brought revolutionary digital payment mediums like e-wallets, smart cards etc. to the forefront.

Covid-19 was not the sole reason for this global acceptance of digital payments. It was merely a catalyst. Evolution of technology has replaced cards and liquid cash to digital payment applications which can accommodate the advancing needs of consumers. While the world had already started exploring the digital payment options, the pandemic accelerated the rate at which people adopted these options in order to make sure that they are contact-free and safe. Moreover, the increased and widespread use of mobile phones, advanced technology, faster development of internet infrastructure and an increasingly app-based economy were all factors that contributed towards this digital shift. The apprehension of catching the virus is what ultimately caused all these factors to revolutionize fintech as we see it now. The technology has advanced so much so that there is a payment option that fits the needs of everybody. For example, there are net banking facilities, digital wallets, A2A payments, smart cars, QR code scanning etc. However, contactless payment is the one that is receiving the most traction right now. These applications have enabled people to carry out their day to day functions while being stuck indoors in these trying times.

The present scenario has also made tech giants innovate for more contactless payment options. One such revolutionary method is voice payments. This will enable banks to carry out their banking functions without coming into real-time contact but also create a brand identity of their own. Voice recognition technology has already proved practically useful in many scenarios. Its role in contactless payments is predicted to see a significant rise. Another revolutionary idea in the works is iris-based payments. This will again ensure safe as well as contactless transaction. This method incorporates biometric authentication by scanning the retina of individuals. This will also prevent fraud as retina scans are unique to every individual. A contactless smart card is yet another way in which you can ensure contactless transfer while maintaining the security of personal information and privacy. Near field communication or NFC enabled smartphones also provide similar services. The phones will store the information of the account holder and payment application in a secure manner. This data can then be used as a virtual payment card.

E-wallets have proved to be the most used online payment option. EzyPe is one such electronic wallet that can enable users to make contactless payments at their convenience. EzyPe incorporated tokenization to make sure that the payments are made securely. All the sensitive data of the user will be replaced with a token or a value. When sensitive information is processed in such a way, your data like card number can be avoided from fraud or scams. By this feature, we ensure that such sensitive information is not stored as such in the device.

Even though COVID-19 has drastically affected both social and economic wellbeing of the world, there is no denying the fact that it has been the major contributing factor towards digitalization across the globe. Contactless digital payments are a foolproof way in which businesses and individuals can continue to operate without the fear of contracting the virus.

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