The coronavirus has forced transformation in many ways, including the use of digital payment solutions.
There are now concerns that the notes and coins that we use can be conduits for the transmission of viruses. I think think there is there is a basis for these concerns. Hence, digital payments are used instead. At the same time, with so many economies in lockdown, online commerce has been booming. Most merchants accept digital payments instead of having cash on delivery arrangement.
Now, beyond digital payments, China is racing ahead to the use of digital currency. We are not talking about digital payment using Yuan. We are talking about a digital currency called e-Yuan. Check out the following article to appreciate what this is all about. I think there is great promise in this initiative, especially for China. They have the scale and with their population so used to payments via their mobile phone, this digital currency can easily soar. Now, it’s time to catch up with China!