Covid-19, cash, and the future of payments

Key takeaways

• The Covid-19 pandemic has fanned public concerns that the coronavirus could be transmitted by cash.
• 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 pads.
• 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.
• 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.

The views expressed in this publication are those of the authors and do not necessarily reflect the views of the BIS or its member central banks.