COVID-19 :: The Need for Bank Account with a Debit Card

The banking industry is highly challenged these days more than ever. Many businesses have closed due to coronavirus. Thousands of people got terminated. Many debtors cannot pay their personal loans, mortgages and credit card dues.

The governments of different countries extend stimulus packages to businessmen and financial assistance to eligible individuals to relieve their agonies brought about by the pandemic.

I think this is the best time to make it easy for people to open a bank account with a debit card. Many people are still unbanked as there are many requirements to open and maintain a bank account.   If the production and release of credit cards would be costly, a printable certificate or any form of confirmation of a bank account registration, will do for some time, as long as the data are stored in a highly secured system, and later the physical cards can be delivered after the account holder pays online for the cost and courier.

It is safe to do transactions without the notes and coins (which cannot be disinfected) these pandemic days, which means, doing it digitally will be a smarter move than the traditional way. People can purchase online with speed and convenience, and crowding of public places where social distancing must be observed, will be avoided.

If there is a financial assistance from the government, money transfer is fast and easy. The cash relief can be sent directly to people's bank accounts without need for them to fall in line, exposing them and the frontliners (government officials) to health risks.  Done this way, the politics involved in distributing cash relief is put at bay.

Likewise if there are supportive family members and friends who can be of help to someone in need, they can also just send money with a few mouseclicks, without need to go to banks / exchange centers / post office for money transfer.

Those with entrepreneurial spirit can also register an e-commerce business using their account (with debit card or a verifiable printed certificate of registration) and grow their economic activities with digital marketing strategies.

The big challenge today is how to bring in more income. With a bank account, people can also do some gigs / side hustles / freelance jobs like monetizing their hobbies -- b/vlogging, photography, whatever,  as long as legally and morally acceptable. Normally it requires a bank account to receive the payments of client/s. The more income every individual will earn, the more money he/she can spend to buy products/services, the better for the economy of the host country, merchant's country and country of origin if money transfers to the family are done. With the bank account, the entrepreneurs can utilize other platforms like PayPal to do business better in a more secured way. The money transfer limit per transaction, per day, and per month must be clear to all.

It will boost crowdfunding to transform business ideas to reality, without the business founders seeking big loans with high interest rates to finance their startups.

Having a bank account will also facilitate easy transfer of money donation when there are calamities / disasters. Many small donations matter to help save lives.

Likewise, gifting someone via online purchases will pave way to spread love and compassion.

Contributions to avail of government-mandated benefits (for example, in the Philippines -- Social Security System and Philhealth) can be done quickly. Similarly, payment for other health and life insurances and regular bills will be fast.

What are the barriers to open and maintain a bank account in today's pandemic-challenged environment? These must be addressed by the government, the banking industry, leaders, cyber security experts, businessmen and private individuals, as it will strongly support smart moves of  the government for the constituents to go digital.

Nowadays our thoughts are heavily affected by undesirable scenarios, inside and outside our countries of residence. Connected, we learned much from it all. As one, we can transform ourselves and others. Making it easy for all to have a highly secured bank account with a debit card is a stimulus itself, that will transform our challenged reality.

Jen Sisero says,

When you understand that making, saving, and spending money is all based on the thoughts you're thinking and the actions that these thoughts lead to, you can completely transform your reality - and your bank account.

Passionately making and magnetizing resources (money) requires brilliant thoughts, great actions, and amazing digital money-making platform/s in a pandemic-challenged market, without a bank account we cannot do.

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Image credits:  Pixabay /  Mohamed Hassan & Tumisu