No doubt, one of 2020’s highlights will be the coronavirus pandemic and its attendant effect—lockdown.
As an eye-opener, the lockdown unveiled a wealth of opportunities embedded in the digital space, digitally arming businesses with information to grow and maintain their brands.
Digital payment solutions are now the new normal.
In December 2019, the Federal Government directed power distribution firms and discos to replace all forms of cash payments with cashless settlement platforms. Little did we know that this was going to be a plus, technologically speaking, as social distancing became the new catchphrase just a few months after.
Electronic solutions are here to stay, and it is essential that you know these tech payment solutions and which suits each transaction best.
One advantage of digital payment solutions is that users have a wide array of options to pick from, unlike the limited route cash payments take. Transactions here are limited to counting, giving, and receiving money on a physical basis.
With digital payments, you do not have to bother about the state of physical currencies; neither do you have to keep counting money to ascertain that you are not giving out extra cash unknowingly.
You can also be rest assured that you are safe from pickpockets. Perhaps the best feature of digital payment solutions is that you can make any transaction you want to make at any time of your choice and right where you are!
Let’s talk about some of the digital payment solutions that have redefined technology during the lockdown.
To make things easier to understand, USSD codes typically begin with an asterisk (*) and end with a hash (#).
With USSD codes, you can make payments, transfer cash, purchase airtime, check BVN, and bank details on your phone, with or without internet connection. As the nature of quick codes, you complete your transaction in a blink of an eye. What more? Users do not need smartphones to perform these transactions.
Mobile banking affords users the option of visiting the bank from their mobile devices. Every financial activity has a mobile feature on the app, and with the advent of the pandemic, banking apps couldn’t have come in handier. Unlike USSD codes, transfers can be made at no cost at all, as long as you have access to the internet.
Even financial institutions have gone a notch higher; prospective customers can open a bank account from their phones and follow up without having to make a physical visit to the bank.
POS (Point Of Sale)
POS machines are now everywhere you go. Supermarkets, restaurants, malls, just name it. They aren’t rocket science either; all you need to own a POS machine is a current account opened by a bank, and with a swipe of the customer’s debit card, transactions are complete.
Although POS machines are not as mobile, access to one with functional internet connectivity makes financial transactions as technologically seamless as possible. Of a truth, there is always a silver lining in every cloud, and this rings true when connecting digital literacy and technological advancement to the lockdown.
With digital literacy skyrocketing this high in 2020, the new decade should be rightly termed “the technological decade!”