The use of cash declined during the pandemic

Cash declined during the first year of covid-19, as governments in emerging economies continue to promote financial inclusion via access to digital payments and consumers move towards digital payments, according to the Fidelity National Services report. It’s also becoming cheaper and easier for businesses to accept mobile payments via QR codes, the report found.


More broadly, De La Rue’s decline in profits illustrates the world’s ambivalent relationship with cash, which is no longer king, but remains essential. One of the biggest challenges to card or digital payments is that they do not provide privacy, so people will turn to physical money whenever looking for anonymity. Cash also remains the go-to type of currency at times of crisis, such as conflicts or natural disasters, that impair the working of the digital payment infrastructure.

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