02/05/2020
Impact of CoronaVirus on the payment industry
The coronavirus pandemic has impacted several facets of our lives like never before. The pandemic has literally halted most of the human activities for weeks. The current situation is unprecedented both globally and locally, and with lockdowns imposed, the economy is suffering.
Coronavirus pandemic is like a nightmare for most of the industry verticals and the bill payments industry is no exception. With this economic contraction, it has led to a disproportionate reduction in payments as there is less money in circulation.
Added to the economic factor “social distancing’ has now become a way of life to manage the health aspects of Covid-19 and to curtail the spread of the virus which has further restricted bill payments as persons may be fearful of being exposed or infected by going to crowded, enclosed areas. These two factors have heavily impacted the collection of remittances by the bills payment industry.
Additionally, social distancing even after the disappearance of the novel virus may very well become a way of life and consequently have an indelible impact as to how businesses interact with their customers. Under such circumstances, businesses must emphasize on increasing their Corporate Social Responsibility (CSR) practices. Businesses should focus on inventing strategies, and solutions; keeping the safety of their employees and the end-customers in mind.
BILLS Xpress is one such solution. It addresses and provides a reliable and secure means of ensuring remittances are received from those customers who have the economic means whilst ensuring the non-congregation and social distancing practices
