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Business supports the transition to non-cash payments

30/ 03/ 2020

The large-scale spread of COVID-19 and the numerous quarantine measures introduced to counter the virus have forced many people to change their habits, including their payment routine. To reduce the risk of infection, consumers are increasingly opting for a cashless payment method.

While it is not known exactly how long a new coronavirus can live on a banknote surface, the World Health Organization has suggested that the virus may cling to the banknote for several days. Therefore, they recommend avoiding touching the face and washing hands thoroughly after contact with cash.

Also, some studies show that coronaviruses can live on other types of surfaces for 4-5 days and in some cases up to 9 days.

Experts of the European Business Association consider a systematic transition to non-cash payments is a reasonable step in the fight against coronavirus infection since it will minimize people’s contacts with cash. The EBA official address to the Prime Minister of Ukraine reflects this position and requests to support such initiative of the NBU.

It is worth reminding that the National Bank of Ukraine appealed to the Cabinet of Ministers of Ukraine with a request to open bank cards for all organizations, enterprises, individuals – recipients of financial aid from state and local budgets and transfer salaries, pensions, social benefits, subsidies, other money payments to their bank accounts exclusively in non-cash form.

Furthermore, in this context, some of the EBA proposals for “A State in a Smartphone” program become more relevant. In particular, the BankID initiative, which allows you to open a bank account with a smartphone without requiring the client’s physical presence for identification, and the possibility to make remote payments with all available payment tools and forms, including payments for telecommunication services.

We hope that the current reorientation to non-cash payments will have a long-term effect and consumers will continue to use electronic means of payment actively instead of cash.

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