ABSTRACT

Covid-19, Cash, and the Future of Payments   [open pdf - 0B]

From the Key Takeaways: "'[1] The Covid-19 [coronavirus disease 2019] pandemic has fanned public concerns that the coronavirus could be transmitted by cash. [2] Scientific evidence suggests that the probability of transmission via banknotes is low when compared with other frequently-touched objects, such as credit card terminals or PIN [personal identification number] pads. [3] To bolster trust in cash, central banks are actively communicating, urging continued acceptance of cash and, in some instances, sterilising or quarantining banknotes. Some encourage contactless payments. [4] Looking ahead, developments could speed up the shift toward digital payments. This could open a divide in access to payments instruments, which could negatively impact unbanked and older consumers. The pandemic may amplify calls to defend the role of cash - but also calls for central bank digital currencies.'"

Report Number:
BIS Bulletin No. 3; Bank for International Settlements Bulletin No. 3
Author:
Publisher:
Date:
2020-04-03
Series:
Copyright:
2020 Bank for International Settlements
Retrieved From:
Bank for International Settlements: https://www.bis.org/
Media Type:
application/pdf
URL:
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