Coronavirus

For countries emerging from conflict like Ethiopia, digital payment systems are a tempting way to extend control over the people. Do Ethiopians want their government to have complete and absolute control over every financial transaction they make or would they prefer to retain the financial resilience, privacy, freedom from exploitation, and protection from poor governance which cash offers them?

The US is confronted with a coin shortage as the pandemic has disrupted the supply chain and normal flows of coin throughout the economy. The Fed, the supply chain and retailers are getting creative.

ATMIA today announced the launch of an ATM and Cash Revival Plan for an ATM industry hit hard by the COVID-19 pandemic.

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.

The French Federation of Cash Management Companies has lodged a complaint with the Competition and Fraud Authorities over refusals to accept cash in shops during the pandemic.

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’.

Mathematician Ivar Ekeland and economist Jean-Charles Rochet recommend the introduction of a 0.3% tax on all electronic payments to fund the economic recovery, following the pandemic.

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.