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The Economy in the Era of Covid-19

Updated: Oct 7

The global pandemic of Covid-19 has brought the up and down to several fields of society, including the economy and the banking sector. According to studies, the impact of Covid-19 to the economy is expected to be worse than the 2007-2008 global financial crisis! This is how bad the economy is hit by the virus…

This new era of Corona-virus has influenced the way banking processes are conducted. New channels are materialized, to minimize personal contact and unnecessary interactions as much as possible, and at the same time, keep the customer’s satisfaction and experience to a high level.


Although the pandemic of Covid-19 has “shook” the global economy, its impact has accelerated the digitization of various processes. Particularly, lots of “bricks-only” businesses (companies that had only a physical presence) had no choice but to become “bricks-and-mortar” (companies that have both a physical and an online store). By acquiring an online presence, they were able to avoid the bankruptcy of their business.


Traditional banks weren’t as active as they used to be. Since everyone was forced to stay home, reaching a bank branch was a little bit risky. Financial institutions like WireWallet that had already an online presence, weren’t altered to a large extent and it was easier for them to continue their operations.


Throughout the time of the lockdown, people had to complete their payments (such as pay their bills) using online banking services. During that long time period the exploitation of digital banking has remarked a great increase.


Carrying out a transaction at any time with ease, and having 24/7 access to their bank account are some of the benefits people who have never used online banking, experienced for the first time! These are only 2 of the many advantages WireWallet’s online banking services offer to their customers!


Staying safe during this difficult period is of crucial importance. Keep social distancing when you can and avoid going to overcrowded areas. Carrying out your transactions remotely through online banking applications/websites, not only protects you and the people around you, but it also saves you time and effort.


If you’d like to open your own bank account digitally in only a few steps, contact WireWallet at sales@wire-wallet.com. For more information regarding the services, reach us out at info@wire-wallet.com.

Contact info  Tel: +357 24 828 625 // Email: info@wire-wallet.com // Office address: 22 Archbishop Makarios III, Makaria Center, 5th Floor, Office 501, Larnaca, Cyprus, 6017.

Registration and Correspondence address: 124 Archbishop Makarios III, Kiti, Larnaca, Cyprus, 7550.

Itsaga Financial Ltd (operating under trading name “WireWallet”) is an authorised EMI agent working under GlobalNetint, UAB license (Nr.21) and supervised by the Central Bank of Lithuania for the distribution and redemption of electronic money.

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