In the aftermath of the Covid-19 pandemic and ensuing social restrictions, cashless transaction has taken an unprecedented flight

As the COVID-19 public health emergency continues to unfold, one thing is clear: the economic and human impact of this virus is significant. In the first place, coronavirus is drastically changing how consumers shop. The whole world is cautious about shopping in public places, and since many people are working from home, it is causing a surge in online payments.

Urge to Be More Cashless

It’s not clear if COVID-19 could latch onto currency the same way it is able to survive on other surfaces, such as doorknobs and handrails, but many people aren’t taking chances. Cash is notorious for harbouring pathogens such as E. coli or Salmonella, so the fears are not completely unsubstantiated.

Apcopay’s Fastlink did it right! In these tough times, the shift from a largely cash-oriented economy to the cashless economy has created a need for an easy, simple and hassle-free medium to collect digital payments for small and big merchants.

About 58% of consumers now see cashless as a basic need or feature of payments, up from 30% a year ago.

Consumers are increasingly ready to embrace contactless payments. New research suggests traditionally distrustful consumers are becoming more interested in contactless payments, whilst more than half of payments currently made are cashless, compared with 35% before the coronavirus crisis hit –
*According to an interesting article published by The Guardian Newspaper on 24th March, 2020.

Digital payment transaction vol

ume is surging as consumers confined to their homes are turning to digital purchasing channels. Global ecommerce transactions were up 23% in mid-March 2020 compared with typical weekly volume.

Let us see a few use cases where Apcopay’s payment links have been a good fit:

Grocery Shopping:
One of the biggest advantages is customer purchases are carried out online, in advance, whilst your delivery team need not be worried about handling cash payments or touching terminals and cards and pin pads.

Social media stores:
Many home-based businesses sell their products using WhatsApp, Facebook and Instagram. The payment link is the easiest option to collect payment from the buyer as it can be shared on all social media platforms. It also builds credibility among buyers that they are performing the transaction in a secure environment.

Shopping stores:
Payment links are useful to shopping stores who do not have access to swipe machine or when they want to collect a B2B payment digitally. It is a great alternative for cash on delivery and point-of-sales.

Accepting digital payment has never been this easy. You are just a link away to collect your payment. Drop us a quick line – and we will be glad to explain how we can be of benefit to you and your customers.