Safe Payment Methods During the #Coronavirus Crisis: Cash vs Payment Cards

JP Buntinx
March 4, 2020
During these uncertain times due to the coronavirus, payment methods are getting a lot of attention. It seems both cash and payment cards are under scrutiny, as they may help in spreading this outbreak.

China Worries About Cash

In China, the coronavirus outbreak has claimed a lot of lives. With tens of thousands still infected and in quarantine, halting the outbreak is a top priority. Doing so is not straightforward, as a lot of uncertainties regarding the spreading of the coronavirus remain in place today. 

A very interesting countermeasure has been taken by the government. Sanitizing paper money and taking some of it out of circulation is one of the precautionary measures. Local banks are forced to disinfect cash bills before issuing them to the public.

Furthermore, local banks can only issue new bills which are sterilized already. Halting the virus in its tracks needs to occur sooner rather than later. Scientists remain uncertain as to whether paper money contributes to the spreading, but it may not be an unnecessary precaution either. 

A side effect of this move is how inter-province cash transfers are no longer available. Minimizing the movement of personnel and cash flow seems to be the main point of focus in this regard. Reinstating this option will not occur in the near future.

Not everyone is convinced that these measures will make any impact. Lancaster University virologist Muhammad Munir deems the impact to be “minimal”. Containing the coronavirus will hinge on various other countermeasures. Although COVID-19 spreads through contaminated objects, the time during which the virus survives is minor. 

What About Payment Cards?

In this modern day and age, payment cards are very popular. In a lot of countries, cards still have to be handed from customer to cashier and back again. Handling payments in this way can in theory, result in a further spreading of COVID-19.  Utilizing this payment method is prone to the same “risks” as paying in cash.

Clinical microbiologist Dr. Susan Whittler seems to think along the same lines. In her opinion, payment cards have more potential to transport respiratory viruses. Transmitting the virus will not happen every time, but the risk still persists. 

The working theory is how viruses survive longer on hard surfaces. Plastic payment cards provide a promising “habitat” for survival. Proving the transmission of COVID-19 through payment cards has not been confirmed at this time.  Making digital payments and transfers are still advisable until more information becomes available. 

The Hong Kong Cash Handout

Keeping all of the above in mind, one has to question the recent decision by Hong Kong’s government. Earlier this week, the government confirmed every permanently residing adult in the country  Most residents will be very pleased with the news, as it helps boost the local economy.

Given the coronavirus threat, however, one has to wonder how smart this decision is. Considering how cash could be a catalyst for spreading COVID-19, bringing more bills in circulation may not necessarily be the smartest plan. To date, over 100 infections have been recorded and confirmed in Hong Kong. 

Easily open your Swiss tax free gold vault in under 6 minutes

It’s Free to open a Swiss vaulting account, you can buy and sell gold directly to it instantly.

0 Comments

Trackbacks/Pingbacks

  1. Best Practices When Using Mobile Payments During the Novel Coronavirus Outbreak | Bar9 The best way to invest in gold and silver online - […] Pay, Samsung Pay, and WeChat Pay are all perfectly usable during these troubling times. There are concerns as to…

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Silver Bug Profile: Jim Rogers

The dollar is, according to Jim, not a safe-have, and should be traded in for more stable long-term investments such as silver and gold.

Silver and Gold Prices Move up Strongly as More Mining Operations Shut Down

The McEwen Mining group operates multiple mines all over the world. One of their biggest ventures is located in San Jose, Argentina. The local Black Fox mine is now suspending operations due to the coronavirus crisis.

Silver Bug Profile: Jeff Clark

Over the past decade and a half, Clark has put the majority of his focus on analyzing the precious metals mining industry. BIG GOLD by Casey Research, a world-renowned publication, has been one of his outlets.

Indian Officials Confiscate 9.3kg of Gold From Smugglers

What is rather interesting is how all of these bars have forged foreign markings. The objective of the individuals was to sell it in Mangaluru and districts of North Karnataka

Silver Bug Profile: David Morgan

Morgan prefers educating the masses on how a sound financial system would work. What we have in place as of right now is the exact opposite of a sound system

Gold, Silver, and Crypto Markets Seem Poised for a Massive Bounce

For companies that are publicly traded – and often work over the weekend – having 24/7 exposure across the markets would be ideal.

Different ways to invest in and buy gold online

Gold as jewellery is not only stunning but additionally works as a way of linking financial emergencies. This has actually been away for family members around the globe to have a bank independent savings account. As we understand jewellery is not pure gold and has a...

Silver Price Likely to Keep Surging as Production Deficit Looms Overhead

It is expected there is a 13% decline in silver production from Latin America. This will, in turn, trigger a decrease in the yearly global silver supply by as much as 7.2%.

Silver Bug Profile: Nathan Eric Fier

Many individuals have shown their love for gold, silver, and other precious metals over the years. Nathan Eric Fier is certainly a silver bug, although he pays close attention to gold as well. Who is Nathan Eric Fier? People with a link to the financial industry will...

Silver Bug Profile: Juerg Kiener

These days, Kiener is primarily involved in management resources mandates for SAC, with a strong focus on institutional clients and wealthy individuals.

Gold Bug Profile: Ewan Downie

Since leading Premier Gold Mines Limited since 2006, the company has gone through major growth. Its stock is also trading publicly, further validating its approach to gold and silver.

Why is Silver so Cheap?

One often heard comment is how gold is the scarcest precious metal of them all. Silver, unfortunately, doesn’t have the same benefit, as it is far less rare.

Silver Bug Profile: Rick Rule

When it comes to the silver market, Rick Rule hasn’t shied away from expressing his sentiment at certain times

Silver Bug Profile: Adam Hamilton

Most mining operations have very mixed – and primarily disappointing – results in Q1. That has not affected the price of silver in a negative manner.

Gold Bug Profile: Bob Kirtley

Kirtley is renowned for maintaining an approach focused on planning and cost control. That expertise eventually translated to his investment strategies as well.

Gold Bug Profile: Thomas Fischer

Over the years, Fischer began paying closer attention to the precious metals markets. This has been apparent through the press picking up some of his publications.

The Many Use Cases for Silver Part II: Engines, Hygiene, Mirrors and Windows, Dental Fillings

Throughout the centuries, silver has found a use in many different segments and industries. Some of these are still viable today, whereas others have been abandoned a while ago.

Recent Actions by the Federal Reserve may Spark Demand for Gold and Silver

Such extreme measures often come at a long-term cost, however. While the measures taken allow for stock markets to rebound, it also devalues the US Dollar.

Gold Bug Profile: Ben Davies

Ben Davies is the co-founder and CEO of Hinde Capital. Founding this company came after building up over a dozen years of experience in financial and commodity markets.

Which Silver Exchange-Traded Products are There?

The most obvious form of silver exchange-traded products are those that are physically backed by actual silver, as they provide the most security.

Translate Blog Post

Article Categories

Blog Stats

  • 106,340 hits

Follow the CEO on Twitter

%d bloggers like this: