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.
Myrtle Jacob is an expert in facilitating growth, sales and marketing strategy. Revenue generation, cost reduction and risk mitigation are the fields Myrtle excels in.
Shamdaver Ganesh is the Director of Education & Learning Management Services at Dignitas Associates Ltd. As a Soft Skills Specialist with 12 years’ of experience, he has been lecturing at CTS College of Business and Computer Science since 2010 and conducted training for clients such as the Global Brands Group of Companies, the Water and Sewerage Authority, The Lake Asphalt Company, and the Ministry of National Security to name a few.
Brian Acham is a Director and the Lead in Business Development and Consultancy at Dignitas Associates Ltd., with over 25 years of Managerial experience. He has held Executive Leadership roles in companies such as the ANSAMcAL Group, most recently at Guardian Media Limited; and Senior Management roles at Digi-Data Systems Ltd., Computers and Controls Ltd., InterServ Ltd., and the University of West Indies.
After completing the Masters in Business Administration, Prasanth Raman Pillai has worked in management level for 15 years. The experience has made him an expert in various fields especially business and management. Technology and digital services are other fields he excels in thanks to his role as the Director of Gyaan Tech Solutions.
Kevin Sorillo has worked at high-profile companies including Banifield IT Solutions, Lobax and Associates, Digicel and the Board of Inland Revenue making him experienced in the field of Security, Operations, Technology and Support.
Frances Haynes is an Attorney-at-Law and the former Planning and Development Officer and Marketing Officer at SWMCOL. He was also a member of the Alumni Board at Arthur Lok Jack Global School of Business and Legal Aid Clinic at San Juan Parish, St. John the Baptist Roman Catholic Church.
Carl did his early studies in Information Systems in England. He returned to Trinidad and worked with the National Commercial Bank (NCB), the Bank of Commerce (BOC), the Republic Bank Ltd (RBL) and finally ended his working career in 2013 at the RBC Royal Bank (formerly RBTT). During his later years of employment life, he completed studies at the COSTTAAT institute in Internet Technology.
Kenny Attai has bought many brands and companies to the forefront through his business development skills. He has worked as the Massy Group Country Manager – Suriname, Director of Massy Energy, Director of Massy Machinery, Director of Regional Business at the Caribbean Centre for Leadership Development, Executive Advisor of Tribe Carnival Bands and the President of T&T Golf Association.
Rajindranath is the former sales manager of Ansa Motors – Ford and the former President of the Rotary Club of Piarco. In addition to being experienced in the field of marketing, Rajindranath is also a musician and a singer.
Business Development is one of the most vital parts of a business. This is why Vinai is the Director of Caricom Business Development at EzySoft. In addition to being the owner and CEO of Charran’s Bookstore, Vinai is skilled, experienced and passionate in the field of business.