COVID-19 has closed bank and credit union (CU) branches across the United States, sending the demand for digital banking solutions soaring as consumers hop online to manage their finances from home.

As contactless payments become the norm amid the worldwide pandemic response, China rolled out its digital currency this month in four cities, setting it up to become the world’s first cashless society.

Bangko Sentral ng Pilipinas (BSP) Governor Benjamin E. Diokno championed the use of e-payments amid the Luzon-wide, enhanced community quarantine (ECQ) to minimize face-to-face transactions and prevent the spread of COVID-19.

Consumer use of mobile finance, banking and insurance apps jumped 71 percent in 2019. In 2020, however, they’ve gone from nice-to-have to essential.

In response to the economic disruption from COVID-19 pandemic, the Central Bank of Kenya announced a set of directives promoting digital transactions to curb the spread of COVID-19. These directives have significantly impacted the banks and mobile money agencies.

Use of contactless mobile payments — services that once struggled to catch on in the U.S. — is surging as people come to see their phones as the safer way to pay.

If approved by country’s financial regulator, it would be among the first such service under the social media giant’s Facebook Pay application.

Vodafone has sold M-Pesa to South African and Kenyan telecoms companies Vodacom and Safaricom, which are targeting further expansion for the leading African fintech brand.

The question that people have right now is: Which lenders were denied access to the CRBs by the Central Bank?