by UBS

Could the coronavirus hasten the death of cash?

Cash is on the decline, and the coronavirus could well hasten its demise. During lockdowns, consumers shifted to online retail and were encouraged not to use cash, to prevent the spread of the virus. Some places, like the US, saw initial spikes in cash withdrawals due to hoarding, but in the first countries to reopen their shops, bars and restaurants, cash volumes haven’t bounced back to pre-Covid levels.

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