New coronavirus research may further accelerate cashless adoption

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Australian researchers discovered that the coronavirus can live up to 28 days on cash and other common surfaces at about room temperature, per Finextra.

It’s worth noting that the presence of the virus doesn’t mean it’s still transmittable beyond a certain period. The news adds to conflicting findings on cash as a potential virus vector: In April, European Central Bank research  found that the coronavirus can survive more easily on stainless steel surfaces than on cotton banknotes, while the World Health Organization (WHO) walked back comments suggesting that the virus can be transmitted via cash. 

Whether the virus can be transmitted via cash or not, the pandemic has helped accelerate cash decline in global markets. Cash usage was already declining in major markets prior to the crisis: US consumers used cash for about 26% of transactions in 2018—mostly under $10—down from 30% in 2017.

But declines sped as customers looking to limit physical contact opted for digital payments more often, likely influenced by government recommendations and initiatives. South Korea’s Central Bank  quarantined cash stockpiles and, in some cases, incinerated cash …read more

Source:: Businessinsider – Finance


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