While financial inclusion has resulted in an unprecedented shift in global banking and redefined relationships people have with money, Covid-19 has unintentionally encouraged cashless spending.
As a result of the World Health Organisation (WHO) announcement, people are being advised to use contactless technology instead of cash, as banknotes may be spreading coronavirus.
Clayton Hayward, co-founder and managing director, Ukheshe, a micro transaction platform that allows you to pay and #getpaid, says that while the business has been focused on empowering the under-banked and unbanked, the company would welcome broader use of its financial inclusion platform.
“Going cashless is getting harder to avoid. Almost all of the transactions done on a daily basis are via an App or platform. Ukheshe is a proven and massively growing platform, which makes paying and getting paid easier, and now safer and healthier too,” says Hayward.
According to the WHO, the infectious COVID-19 virus could be carried on the surface of banknotes for several days. To stop the spread of the disease, WHO urges people to use contactless payments where possible, and wash their hands after handling cash.
“We have made our platform user-friendly and extremely easy to use. Just follow prompts and going cashless will be easier than you ever realised,” says Hayward. “If we all take extra precautions, it will minimise the impact of COVID-19, while also growing South Africa’s cashless base. This in turn boosts the informal economy, which in South Africa, is significant and much needed,” says Hayward.