May 11, 2020
The Status of Cash During The Current Pandemic
While cash is no longer the No. 1 payment choice among American consumers, it’s used in more than one in four transactions. For anyone concerned about catching the coronavirus, the best prevention method is perhaps just washing your hands, particularly before eating or touching your face.
In fact, the World Health Organization has not issued any warnings about the possibility of spreading the coronavirus through the use of cash. (Bankrate).
As the Bank of International Settlements and central banks around the world, as well as public health organizations like WHO and the Robert Koch Institute, have stressed, cash is safe to use.
Here are some additional reasons why cash is still valuable during this pandemic, according to ATM Marketplace.
Universal use. Cash is available to all, regardless of social status, financial standing, creditworthiness, age, gender, race, nationality, and ability.
Vital to those without banks. Cash is particularly vital to older people, the homeless and other marginalized groups, like the 1.7 billion unbanked people in this world.
Private and secure. Cash protects the privacy and anonymity of its users, and their personal freedom; card, mobile and contactless payments increase amounts of data being shared on consumers.
Governments around the world have stressed the importance of ensuring the continued supply of cash as a critical infrastructure. The currency, security, ATM and transport sectors have been working tirelessly throughout this pandemic to ensure that the supply of cash continues for everyone.
To use cash safely, consumers using payment cards should take the same precautions as those handling banknotes and coins, by washing their hands and minimizing contact with any surfaces. Consumers and cashiers are exposed to the same risk independent of the choice of payment instrument.
OptConnect continues to support the ATM industry with the most reliable managed connectivity solution available. To learn more about our advocacy in the support of cash click here.