Cash is a contingency and fall-back solution

Despite the scale of the Covid-19 pandemic, the payment system has weathered the storm; no systemic outages of core payments infrastructure have been reported. Payments systems - cash and non-cash - have proved resilient and robust and have continued to enjoy trust from the general public.

A survey shows that the majority of Spaniards view access to cash as important in times of crisis. Meanwhile the government is proposing to lower the limit on cash payments and advocate its elimination altogether.

As in other countries, Australia has seen an increase in currency demand and a decline in cash payments during the pandemic. The Reserve Bank is considering policy options to ensure competition and resilience in the payments market. This could lessen the profitability of retail payments.

Age UK is deeply concerned that the headlong rush towards a cashless society is leaving some older people unable to pay their way. It joins a growing number of associations around the globe calling for universal access to cash.

Cash – physical currency – is a vital public good whose social utility in times of crisis deserves to be better recognised. It is time for aid agencies to protect it. The health of vulnerable populations around the world – the people international aid agencies exist to protect – should not be put at risk by advising them to use only cashless forms of payment or systems which are not disaster-resilient. In fact, to do so goes against the humanitarian principles of ‘do no harm’.

The Consumer Choice in Payment Coalition reminds the public to be fully and accurately informed, and not misled by unfounded fears surrounding the use of cash versus other payment methods.

As the Coronavirus pandemic spreads around the globe, it is changing the way we interact with others and the way we transact. Social distancing, confinement measures, closures of shops and restaurants are changing the way we shop and pay. This article aims to review how central banks and the media have been reporting on the impact of the virus on cash and payments and what lessons can be learnt.

Cash demand is soaring in Russia. The country joins Argentina, Australia, the Euro area and the US, which have also seen a sharp rise in cash in circulation.

Disaster Management Consultant and Epidemiologist, James Shepherd-Barron, shares why advising low-income societies to use contact-less electronic payments instead of cash as a Covid-19 control measure is likely to negatively affect health outcomes over the longer term.

Antony Harris of Crane Payment Innovations explains why being a Dactylochrematophobia – someone afraid of handling cash – is concerning for society and what alternatives can be looked at in facing this fear.

Groups representing the currency, ATM, transportation and security sectors call on governments, central banks, media, business and society to stand up for cash.

The value of cash in circulation has increased sharply in March in Argentina, Australia, the Euro Area and the US. In spite of reports that banknotes and coins could be responsible for spreading the Covid-19, cash demand is stronger than ever.