Demand for cashless transactions during lockdownOne of the most frequently asked questions in South Africa and across the globe is how businesses can adapt to the new virtual environment brought on by the COVID- 19 pandemic?
Shopping malls, restaurants, theme parks and tourist destinations that are heavily reliant on daily visitors, now have to come up with clever ideas to stay in business. This is mainly due to heavy restrictions brought on by government issued lockdown phases that restrict trading of various businesses. For example, leading jewellery shops in South Africa slashed prices with 60 – 70% and various other luxury brands advertise reduced prices of 10 – 25%. Many South Africans are currently unemployed whilst others are practicing conservative spending. The pandemic is severely restricting commercial activities.
It is a challenge for businesses to remain relevant and serve customers in the comfort of their homes. Many have quickly adapted and are offering free delivery, updated online stores and convenient cashless payment services. Having an online presence has never been more important.
Last week it was announced that the costs associated with withdrawing cash from various ATMs in South Africa, would increase from 1 June 2020. Furthermore, South Africans have been urged to avoid handling physical cash out of fear that it could spread the COVID-19 virus. For this reason and inflation anxieties, alternative assets like digital currencies are in favour to conduct e-commerce.
Digital commerce vs Electronic bank transactionsCryptocurrencies are the currency of the future. For the simple reason that cryptocurrencies enable fast, transparent and secure financial transactions. Also, transaction costs are very low.
Electronic bank transactions, on the other hand can take a long time (1 – 2 days) depending on which bank you use. Transaction costs may vary from bank to bank but are usually high.
It is said that the world is well equipped to deal with current restrictions on commercial activities brought on by the pandemic. For example, Skype and Zoom have been around for a while as well as secure platforms that enable anyone to buy cryptocurrencies. AltCoinTrader is a secure and user friendly South African cryptocurrency exchange. With 22 cryptocurrencies to choose from, as well as Gold and Silver Krugerrands, AltCoinTrader is the number one choice for South African hodlers.
In conclusion, in order to rebuild economies during and after the COVID-19 pandemic, life changing technologies should be allowed to serve and grow industries.