“Just Send a Venmo!”…To a Collection Agency?
As a result of COVID-19, many businesses are leery of handling cash, credit cards, or debit cards, and consumers feel concerned about using paper money and coins. It is therefore unsurprising that a byproduct of the COVID-19 pandemic is a boom in touchless payment. Peer-to-peer payment platforms, such as Venmo, PayPal, Xoom, and others, allow for the digital transfer of money from one user to another in a quick, convenient, and socially distanced manner. Digital wallet platforms have seen a dramatic increase in personal use throughout the pandemic and are beginning to expand their touchless payment services to brick-and-mortar stores and retailers such as CVS.