COVID-19 Online Payments Surge But Paper Cash To Stick Around

Paper cash has been around for decades, online payment options for at least a decade. Conditions brought about by the COVID-19 pandemic, drove a significant portion of purchases online. This obviously worked well with online payments. Lockdowns, social distancing and the closure of physical stores – highlighted the advantages of buying and paying online. 

Essential grocery and medical stores remained opened, in some cases for limited hours. Though much of the business went in-store, business owners preferred contactless payments. And yet, we heard of long queues at ATMs, people waiting to withdraw their stimulus receipts in cash. There is obviously a fairly large amount of business being conducted using paper cash. 

While this report might sound like an American scenario, the same trend was repeated in many nations across Europe and Asia. Obviously not true of remote areas in Asia where, internet access could be very rudimentary or totally absent. 

In this time and day, the concept of online payments cannot exclude cryptocurrency. While crypto trade is gaining popularity, the number of transactions being settled using cryptocurrency is still small. Which brings us to the topic on CBDCs, digital currency issued officially by a government or central bank. Nations are increasingly looking to launch their own cryptocurrency – China has gone far ahead in this race. The Chinese government is very close to putting the digital Yuan to a pilot run. This might have happened even as you read this report. 

Developed nations like the USA realized that, the presence of a government owned digital currency, could make the disbursement of stimulus money – faster and cheaper. Internal debates are accelerating and the US could soon have a digital dollar – something to match the digital yuan. 

This pandemic is still raging, no saying when it would weaken but, it does make sense to discuss the post-pandemic scenario. So will paper money last into 2020 and 2021? Glitzkoin financial experts are absolutely sure that, paper cash is not going anywhere. Expect it to be around for at least 5 to 10 years. Remember that we are considering nations across the globe – some could take longer to change, some might never. 

Being a crypto project promoter Glitzkoin would like to see a global acceptance of online payments, this includes cryptocurrency. Russian business expert on the Glitzkoin advisory board, Mikhail Koslov had this to say, ‘… the extreme conditions caused by the pandemic did give a boost to online payments but, to sustain and grow that trend it is important for a number of things to happen. Businesses large and small and customers of all sizes, will need to understand the finer details of online payments. Imparting knowledge, technology and confidence levels can be a challenge. And this is more important as we are talking at a global level. If we keep track on pushing online payments, a global change of any significance could take up to a decade’. 

Glitzkoin CEO and promoter Navneet Goenka touched on the issue of CBDC, ‘… the advent of government launched cryptocurrencies will bring confidence and this, along with the implementation of suitable legislation, will increase interest in general crypto trade. In my opinion, we are 2 to 3 years away from crypto entering the mainstream pack of online payment options’.

 

GLITZKOIN: Glitzkoin is developed on the Stellar blockchain. The project includes the multifaceted GTN token that currently trades actively on 3 crypto exchanges (Cointiger,  Stellarport and Dobitrade). Glitzkoin makes a direct connect to the multibillion dollar diamond industry. The project is promoted by second generation diamond veteran Navneet Goenka, it aims to improve productivity and market scope for the glittering industry. A comprehensive diamond trading platform (DiaEx) is part of the project, it supports both B2B and B2C trade in diamonds. As mentioned above GTN is traded by crypto traders on three exchanges, it is also designated as the mode of payment on DiaEx. 

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