Can coronavirus spread through Cash transactions?
According to World Health Organisation (WHO), Novel Coronavirus may spread through currency notes, credit and debit cards. To stop the spread of the disease, it is probably the high time to start using contactless payment systems like UPI, IMPS, RTGS, Mobile wallets and Net banking.
Contactless payments are the way to tide over the current tough times. It is believed that the novel Coronavirus can stay on surfaces in their fully active state for days. In this context, physical cash handling as a daily routine is being considered as a major cause of concern for risk of contamination. While the WHO hasn’t explicitly corroborated this, a statement issued by it says it is ‘advisable to use contactless payments to reduce the risk of transmission.
Contactless payments could be the way ahead and payment modes like UPI, IMPS, RTGS, Mobile wallets and Net banking could contribute effectively in reducing human interactions.
Experts pointed out – physical cash being sterilized before release to customers, incentives on using digital payments amongst others can be taken as measures to prevent the spread of Coronavirus through Currency notes.
Building proper awareness and education around contactless payment besides undertaking other preventive measures can help us collectively combat the risks involved. This will also encourage India to bring a shift in their everyday habits, facilitating financial inclusion at a macro level. Adopting contactless payment methods can cause a drastic change in payment habits, as consumers shift to digital channels to reduce their risk of infection from handling cash.
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