Benefits of Using A Cashless Payment System

Traders counting money at a market. PHOTO | DENNIS ONSONGO | NATION MEDIA GROUP

In the wake of the Coronavirus pandemic in the country, the Kenyan Government has issued a directive that Kenyans should minimize social interactions and physical transactions with cash, in a bid to reduce the transfer of the Covid-19 disease from one person to another.

This means that the use of cashless payment systems is on the rise. So, what exactly do cashless payments mean?

These are all payments and transactions that take place without the use of physical money. Transactions are carried out electronically using various devices and systems put in place by players in the financial industry. Such include mobile money, mobile banking, online payments, use of credit or debit cards, mobile wallet payments, among others.

There are several benefits to using cashless payment systems. These include:

Fast, easy and convenient – Cashless payments are highly dependent on technology, which makes it possible to complete transactions in a matter of seconds or minutes, 24 hours a day, 7 days a week. One can transact easily across the globe as this is not geographically limiting.

Platforms such as iPay, have made it easy for one to pay for all their utilities, TV subscriptions, credit, and purchases at the press of a button.

Retailers also can receive payments from their customers and pay their suppliers through any payment method, including Mobile money, Debit and credit cards, and mobile banking.

Secure – Reliable payment processing platforms work with their clients to ensure that all transactions carried out through encrypted solutions on their channels are safe and secure, both for the client and their customers. 

Sanitary – The transfer of money from one person to another has been proven to also transfer a lot of disease-causing pathogens. According to a research report presented at the 7th East African Health and Scientific Conference in March 2019, The Kenya Medical Research Institute (KEMRI), Jomo Kenyatta University of Agriculture and Technology(JKUAT) and The US-Army Medical Research Unit- Kenya has placed phones, Ksh 50 note and Ksh 20 coin among the most contaminated items.

Money was confirmed to carry germs that cause skin, heart and bone infections, food poisoning, pneumonia and toxic shock in humans.

According to Kenya’s  Ministry of Health website, the Coronavirus (COVID-19), can be transferred from one person to another through touching contaminated objects and surfaces, including physical money. Take advantage of cashless payment processes, maximize hand hygiene processes and practice social distancing.

Summary
Benefits of Using A Cashless Payment System
Article Name
Benefits of Using A Cashless Payment System
Description
In the wake of the Coronavirus pandemic in the country, the Kenyan Government has issued a directive that Kenyans should minimize social interactions and physical transactions with cash, in a bid to reduce the transfer of the Covid-19 disease from one person to another.
Author
Publisher Name
iPay Africa
Publisher Logo

Comments are closed.