+49 30 6521 24928 (GER / ENG) support@bar9.com

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.

Coronavirus-Infused Market Volatility is Bound to hit Australia and New Zealand

It now seems that Asian markets are recovering a bit. It is still too early to determine if the coronavirus crisis is under control in that part of the world.

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

Gold Bug Profile: Peter Schiff

Despite paying very close attention to investment options such as gold and silver, Peter Schiff isn’t optimistic about Bitcoin and other cryptocurrencies.

South Africa may Shut Down its Gold Mines due to the Coronavirus Crisis

This news coming out of Mongolia is rather surprising. Unlike other countries, it would appear that this region is still providing ample access to gold deposits.

Silver Bug Profile: Stewart Thomson

Many people keep an eye on the precious metals markets, as those segments have tremendous profit potential. Stewart Thomson can be classified as a silver bug, primarily because he expects things to head in a very promising direction.  Who is Stewart Thomson?...

Analyst Outlines how Silver is a Seriously Undervalued Asset Right now

Everything comes down to how things will evolve over the coming months. If the demand will pick up again, and the supply remains very limited, things may begin to shift in a few months from now.

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: Ron Paul

Ron Paul has not always been a politician, however. He also serves as a flight surgeon in the US Air Force and performed duties as an obstetrician-gynecologist.

Gold and Silver Premium Prices Spike in Singapore and Hong Kong

Obtaining physical gold isn’t the only problem. Those businesses requiring a steady supply of silver are in an even bigger pickle right now

Gold Bug Profile: James Rickards

Back in 2009, he claimed that the US Dollar would face imminent hyperinflation. Moreover, the greenback was, in his opinion, vulnerable to attack by foreign governments.

Welcome To The New Bar9 Rebranding

To all Bar9 customers, I'm proud to announce the rebranding of Bar nine and a whole new informative front end. As we move into 2020 Bar9's mission is to make it easier for anyone to move in and out of physical hard assets and become a little more bank independent. The...

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.

Gold Bug Profile: Judy Shelton

It is interesting to note that Judy Shelton may join the Federal Reserve Board of Governors in the near future. Assuming that will be the case, some very interesting things are bound to happen in the near future.

Where is the Best Place to Buy Gold Online?

As far back as Ancient Rome, prospectors would sit aside streams swilling water in pans with the hope of glimpsing the yellow metal. Even today, you can still get your hands on gold in this way, but buying online through a broker is your best bet for a secure, cheap...

When And How To Invest In Gold

Dear Bar9 customers, unfortunately, we all live in extremely uncertain times. And the so-called "markets" in particular are also showing signs of nervousness: the price of gold, for example, goes up sharply one day, only to go down again the next. At the same time,...

Gold Bug Profile: John Paulson

It is also worth noting that the gold sector has treated Paulson rather well in his career. Back in 2010, he set a hedge fund record by making almost $5 billion in just twelve months.

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 vs Negative Interest Rates

The world is teetering on the brink of a new economic policy. Not one that was written about by capitalism's founding father Adam Smith, or even John Maynard Keynes, but a giant experiment in which we will all be the subject. Negative interest rates threaten to turn...

Best Practices When Using Mobile Payments During the Novel Coronavirus Outbreak

Solutions such as Apple Pay, Google Pay, Samsung Pay, and WeChat Pay are all perfectly usable during these troubling times.

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...

Translate Blog Post

Article Categories

Blog Stats

  • 59,163 hits

Follow the CEO on Twitter

%d bloggers like this: