People have long hoarded banknotes in uncertain times, but the coronavirus pandemic may prove an exception: passed from person to person, cash is making people nervous. Across Europe, as economies get back up and running after weeks of lockdown, shopkeepers and customers are looking for ways to limit the chances of infection. Many stores are now asking customers to use their debit or credit cards instead of cash.
The idea of touching banknotes and coins right now may feel icky for many. Studies have found the new coronavirus can live on some surfaces for as long as three days. A growing number of people and businesses worldwide have stopped using paper money for fear it could carry the virus. In China, banks are now required to sterilise cash with ultraviolet light or heat. Some analysts believe the COVID-19 pandemic is accelerating a shift towards a wholly cashless society.
Dr. Wolfram Seidemann, chairman of the International Currency Association, a pressure group representing the cash printing industry, disagrees. He argues that cash has “a huge value to society” and continues to be used in most transactions around the world. In Europe, cash is used in around 79 per cent of all transactions in volume and 54 per cent of them in value, according to the latest World Cash Report by security firm G4S. In North America, where card payments are most regularly used, cash is still used for 31 per cent of transactions.
Going cashless does have its disadvantages. It can make people less aware of how much they’re spending and can worsen certain behaviours such as compulsive shopping or gambling. And of course, there’s the risk of online glitches and hackers. But Wark argues that this digital shift is inevitable and that there’s greater risk in resisting it than embracing it. She says citizens should encourage their governments and central banks to work on cashless alternatives, or else risk losing control over the process.
Source: Euro News
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