Accepting cash is still important
Businesses should keep allowing people to use cash during the Covid-19 crisis to ensure the most vulnerable are able to buy the goods and services they need.
Cash is still used as the predominant payment method for many people, especially the elderly and low-income households. Possible moves by businesses to only accept card payments could severely impact those who need assistance the most at this time.
Recent studies showed 2.7 million consumers relied almost entirely on cash for their day-to-day expenditure, with cash particularly important to those aged over 54, who Age UK have found struggle more to adapt to new technologies. There are also 1.3 million adults (three per cent of the population) who do not have a bank account, meaning they rely almost entirely on cash as their only payment method.
Covid-19, cash, and the future of payments
BIS Bulletin | No 3 | 03 April 2020
Raphael Auer, Giulio Cornelli and Jon Frost