mobile banking

Since the start of the COVID-19 pandemic, cashless payments have risen significantly. In fact, professionals are stating that the coronavirus is actually accelerating the trend towards a completely cashless economy. This is a direct result of the immense growth behind e-commerce and the unique fear of handling cash that could be potentially contaminated with COVID-19. Even before the acknowledgement of the coronavirus, cash payments were experiencing a decline. As the safer at home orders were put into place, the economy was momentarily disrupted and businesses had to learn new methods of serving customers in order to maintain compliance with social distancing guidelines issued by the CDC. In this brief guide, we will expound on how you can survive in a digital economy during the current pandemic.

Prepaid Cards

To make purchases at stores, at online retailers, and to pay bills, you may utilize a prepaid card. These specially-designed cards are typically not linked to a bank account and only require periodic reloads. There are several types of prepaid cards available on the market today. These include payroll cards, government benefit cards, gift cards, college ID cards, and the standard reloadable prepaid option. To learn more about this option to purchase cashless, you may visit the website of the Consumer Financial Protection Bureau.

Mobile Banking

The mobile banking industry has taken off in recent years. This type of technology allows you to conduct transactions associated with your bank account through the means of any technological device that connects to the internet. You may use online bill pay services, conduct a money transfer, or even engage in payments that are contactless with ease. To learn more about the types of services available to you, you should contact your banking institution. Not only will the financial institution be able to expound on that which you may engage, they are also capable of providing instructions on how to use mobile banking apps and programs.

Debit Cards

In addition to prepaid cards and mobile banking technology, you may also use traditional debit cards to survive in a digital economy amid the COVID-19 pandemic. These are issued when you open a checking account with a bank. In most instances, it may be used free of charge; however, there are instances in which the bank may charge a small fee for usage. These look like credit cards, but use the money that you already have in your checking account. Just swipe the card, enter the pin, and your purchase is complete!

Stay Safe

In an age where the digital economy is emerging as a preference, it is imperative that you take steps to safeguard your finances. Be certain that you carefully review all of your transactions through your statements. If you identify suspicious activity, report it immediately. Many contactless payment options will allow you to sign up for alerts. You should take this step. When purchasing online, be certain that you are purchasing from official websites and not fakes ones. For additional information on how to survive a digital economy amid the COVID-19 pandemic, contact us here at Somerville Bank today: