The Pandemic's Profound Impact on Work, Education, and Cashless Transactions

Photo taken from REUTERS/Lim Huey Teng

In 2020, a sudden global pandemic completely disrupted our way of life, almost freezing the world in the hourglass of time. While the pandemic had a significant impact on the global economy and accelerated the decline of some industries, it also propelled the rapid development of new technologies. This pandemic marked a watershed moment in history.

According to research by KPMG, the COVID-19 pandemic presented various challenges and opportunities to different industries. Traditional sectors such as food, tourism, entertainment, and transportation saw a significant decrease in revenue, while technology companies experienced significant growth in areas like remote work, online education, telemedicine, and fresh logistics.

This article focuses on the acceleration of digital transformation, the importance of cash flow, and the rise of remote work and online learning.

Photo taken from Touch 'n Go

It's hard to believe that just four years ago, we were still staunchly clinging to cash transactions. In contrast, Malaysia introduced Pay Wave earlier in 2013，on the other hand, the Touch 'n Go e wallet platform was introduced in 2017.

Although contactless payment methods were not initially widespread, the pandemic's concerns about the potential transmission of pathogens through paper currency and coins led to a significant boom in electronic wallets. From 2020 to June 2021, electronic wallet transactions grew by an astounding 89%, reaching 4.68 billion transactions.

Malaysia's Finance Minister at the time, Tengku Zafrul, noted that the pandemic changed the way people made a living. The number of merchants registered for QR code payments surged by 57% to one million, and online banking transactions increased by 36% to 121 billion transactions.

Besides cashless transactions, the pandemic also made the world realise that efficient work and study could be conducted from home. To effectively combat the pandemic, almost all countries mandated stay-at-home orders and restricted access to public spaces. Initially considered a short-term measure, people gradually recognized this as a protracted battle. The impact extended beyond businesses and employees, affecting the education of students.

Photo taken from The Star

Hence, working and studying from home became the solution. Even after the pandemic's end, many employees continued to request remote work options. According to a 2022 survey by PwC, the preference for working from home exhibited an increasing trend from 2021 to 2022.

A staggering 73% of Singaporean employees hope to adopt a hybrid work model in the next 12 months starting from June 2022, exceeding the global average of 63% by 10 percentage points. Moreover, compared to nearly all other countries, both Singaporean employees and employers are more inclined toward remote work" for smoother phrasing.

However, not all employers and employees in every industry are suitable or willing to embrace remote work, as exemplified by two individuals interviewed in this article, Cheong Yee Keen and Anna Chong Kee Xin.

Third from left is Cheong Yee Keen; Photo taken from SFL Performance Center

Cheong Yee Keen is the manager of SFL Sports Performance Centre. He emphasized that during the pandemic, coaching athletes remotely was a necessity, but coaches still prefer in-person guidance for making necessary adjustments to athletes' postures.

Cheong also stressed that the pandemic heightened awareness about the importance of cash flow. Some customers took nearly a year to complete their courses after the pandemic, resulting in reduced funds inflow to their fitness center. In summary, the pandemic's impact extended beyond the duration of lockdown measures.

Photo taken from Anna 莊啟馨

Anna Chong Kee Xin a singer, composer, and vocal teacher who prefers in-person teaching to truly connect with her students. She also mentioned that many resident singers turned to online live performances during the Movement Control Order (MCO) and earned a substantial income.

Speaking of live broadcasts, Anna also noted that the rise of live shopping during the pandemic exposed the world to numerous useful products, but it also led to impulsive spending.

Although the pandemic has changed the way we live and caused some industries to disappear, it has also created new ones. The way we work has changed, causing new challenges for both people and businesses.

However, it's important to know that these changes are a natural part of how our society evolves. If we handle them well, these challenges can turn into great opportunities. Just like Darwin said, survival doesn't depend on being the strongest or smartest, but on being able to adapt. The idea that "bad money drives out good" is a common rule in how society works. So, let's embrace this new era, deal with changes positively, and build a better future.