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Cashless payments and consumer spending
Cashless payments and consumer spending
The Swiss National Bank (SNB) published a paper that examines how payment choice affects consumer discretionary spending using a proprietary dataset that links a payment-methods survey, a payment-diary survey and a behavioral survey for a representative sample of 1,138 Swiss consumers. It finds that "present-biased" consumers spend more, the more often they use cashless payment instruments. (Present-based consumers are those that score high on indicators of impulsivity and procrastination.) For consumers with low levels of present bias, we find that spending is unaffected by payment instrument usage. This suggests that designers of instant payment services and central bank digital currency (CBDC) wallets consider offering prepaid payment cards or of mobile-payment applications that allow consumers to manage and restrict their liquidity in a convenient manner.
#Fintech#CBDC#Cash#ContactLessPayment#Payments#DFC
·snb.ch·
Cashless payments and consumer spending
The Costs of Payment Methods in the Retail Sector (Bundesbank)
The Costs of Payment Methods in the Retail Sector (Bundesbank)
Deutsche Bundesbank published a study that quantifies retailer-side resource costs of cash, national debit (girocard), and international card schemes in German brick-and-mortar retail using time-and-motion data and a 268-firm cost survey. The study finds cash cheapest per transaction (0.43 euro) but costly relative to turnover (2.3 percent), while girocard minimizes cost as a share of turnover (0.8 percent) and international debit and credit cards are materially more expensive, driven by higher fee components. Results imply strong scale economies (lower unit costs for larger merchants), structurally higher burdens for small firms and food service, and policy relevance for interchange regulation, instant-credit-transfer-based schemes, and digital euro design as tools to discipline international card pricing and preserve a viable cash infrastructure. [Bundesbank]
#Cash#Germany#Payments#Fintech#DFC
·bundesbank.de·
The Costs of Payment Methods in the Retail Sector (Bundesbank)
2026 Diary of Consumer Payment Choice (FRB)
2026 Diary of Consumer Payment Choice (FRB)
The U.S. Federal Reserve Board (FRB) 2026 Diary of Consumer Payment Choice finds U.S. consumer payment patterns broadly stable over the past three years, with cash remaining the third most used instrument after debit and credit cards, which together account for about two-thirds of payments. Consumers average 47 payments per month (16 credit, 15 debit, 6 cash), and 76% carry cash daily while 45% hold additional “store-of-value” cash, underscoring its backup and savings role. Cash use is higher among lower-income, older, and rural consumers, and four in five adults used cash in the past 30 days, with 90% intending to keep using it. [FRB]
#Cash#Payments#UnitedStates#FRB#Fintech#DFC
·frbservices.org·
2026 Diary of Consumer Payment Choice (FRB)
Smartphone Instead of Wallet: Mobile Payment is Booming (EHI)
Smartphone Instead of Wallet: Mobile Payment is Booming (EHI)
The EHI Retail Institute's "Payment Systems in Retail 2026" reports that mobile payment reached 19.3% of non-cash transactions at German point-of-sale in 2025, up from 12.8% in 2024, representing 9.3% of approximately 20 billion annual transactions. Growth was partly enabled by Apple opening its near-field communication interface to third-party apps following European Commission intervention. Cash fell to 32.3% of turnover; card rose to 65.1%, led by Girocard (40.5%), with international debit cards gaining 2.5 percentage points to 9.4%. The unresolved question is whether continued contactless displacement of cash will prompt regulatory reassessment of legal-tender obligations. [EHI]
#Payments#Fintech#Germany#Cash#MobileMoney#Wallets#DFC
·ehi.org·
Smartphone Instead of Wallet: Mobile Payment is Booming (EHI)
On the Resilience of Payment Methods (NBER)
On the Resilience of Payment Methods (NBER)
The U.S. National Bureau of Economic Research (NBER) published a paper that argues, using multi-source U.S. and cross-country evidence, that cash functions as critical fallback liquidity when electricity outages disable digital payment infrastructure during natural disasters. Event studies across store-level transaction data, card aggregates, and household scanner records show that hurricanes generate persistent outages, shifting spending composition sharply toward cash, while pre-disaster expenditure spikes are credit-financed stockpiling. The finding that payment-system fragility is a first-order attribute of any instrument has direct implications for regulators overseeing cashless transitions, mandatory acceptance rules, and the design of offline-capable central bank digital currencies. [NBER]
#NBER#Payments#Cash#Fintech#Offline#DFC#Resilience
·nber.org·
On the Resilience of Payment Methods (NBER)
Tap a Card, Pay by Phone, but Cash Still Holds its Own (BIS CPMI)
Tap a Card, Pay by Phone, but Cash Still Holds its Own (BIS CPMI)
The BIS Committee on Payments and Market Infrastructures (CPMI) published a brief that argues that rapid growth in digital and fast payments coexists with a plateau, rather than collapse, in cash usage across major economies. Cashless transactions per capita continue to rise, led by credit transfers and fast payments in emerging markets and card use in advanced economies, while average ticket sizes fall as systems are used for smaller‑value retail payments. This supports policies enhancing fast payment infrastructure and maintaining resilient cash access, with implications for ATM/branch networks, financial inclusion, and the calibration of legal tender and cash services frameworks. Open questions remain around the causal impact of reduced access points on cash demand and how far digitalization will structurally displace cash holdings versus transactional use. (BIS CPMI)
#Cash#Payments#FastPayments#Fintech#BIS#DFC
·bis.org·
Tap a Card, Pay by Phone, but Cash Still Holds its Own (BIS CPMI)
Cash Use in Australia: What the 2025 CPS Tells Us (RBA)
Cash Use in Australia: What the 2025 CPS Tells Us (RBA)
The Reserve Bank of Australia (RBA) reported that cash use in Australia has stabilized following a multi-decade decline, according to the 2025 Consumer Payments Survey (CPS), a triennial diary-based study of 1,200 respondents. Cash accounted for approximately 15% of payments by number in 2025 (up from 13% in 2022), with roughly half of Australians using cash in a typical week; the share of high cash users held steady at around 7%. The stabilization is consequential for policy because one-third of respondents reported they would face hardship or major inconvenience if cash became difficult to access, with disproportionate reliance among older adults, lower-income households, persons with disability, and remote communities—groups for whom policy mandates (e.g., the January 2026 grocery and fuel cash-acceptance requirement) and branch-closure moratoria are directly relevant. The concurrent decline in perceived convenience of cash access, driven by contraction in bank branches and bank-owned ATMs, raises the open question of whether infrastructure reduction will ultimately erode the behavioral stabilization the CPS currently records. (RBA)
#Cash#Australia#Payments#Fintech#DFC
·rba.gov.au·
Cash Use in Australia: What the 2025 CPS Tells Us (RBA)
New Recommendations for Public Payment Preparedness (Riksbank)
New Recommendations for Public Payment Preparedness (Riksbank)
Sveriges Riksbank issued new recommendations on “public payment preparedness,” urging households to see themselves as part of Sweden’s total defence and to maintain multiple means of payment so essential purchases can continue during disruptions, crises or war in an increasingly digitalized environment. It advises adults to hold at least SEK 1,000 in cash at home (in mixed denominations) for roughly a week’s essential spending and to use cash periodically so cash infrastructure remains robust, to have at least two payment cards linked to different card networks (e.g. Visa and Mastercard), to ensure access to a mobile payment service such as Swish that relies on different infrastructure than cards, and to keep physical payment cards and PINs accessible even if mobile wallets are normally used. The recommendations feed into the Riksbank’s broader work on national payment contingency and will also feature in the Payments Report 2026, due on March 12, 2026. [Riksbank]
#Sweden#Payments#Cash#Resilience#Fintech#DFC
·riksbank.se·
New Recommendations for Public Payment Preparedness (Riksbank)
Europe is Rediscovering the Virtues of Cash (The Economist)
Europe is Rediscovering the Virtues of Cash (The Economist)
The Economist published an article that discusses how Europe, particularly Scandinavia, rapidly embraced cashless payments over the past decade, with Sweden leading the way at 90% digital transactions. However, European authorities are now reversing course and mandating that businesses must continue accepting cash. The shift comes from concerns about excluding elderly and poor populations who struggle with digital payments, as well as worries about system resilience—Spain's power cuts last spring left people unable to buy necessities, and there are fears about dependence on American payment companies like Visa and potential foreign sabotage. While cash usage had fallen dramatically (from 79% of eurozone transactions in 2016 to 52% in 2024), the EU now recognizes that physical money provides crucial backup when digital systems fail. [Source: The Economist]
#Cash#Payments#Offline#Fintech#DFC
·economist.com·
Europe is Rediscovering the Virtues of Cash (The Economist)
H.R.3074 - 119th Congress: Common Cents Act (Congress.gov)
H.R.3074 - 119th Congress: Common Cents Act (Congress.gov)
The Common Cents Act is proposed legislation introduced in 2025 that seeks to eliminate the production of the penny and mandates that cash transactions be rounded to the nearest five cents. The act aims to address the financial inefficiencies associated with minting pennies, as their production costs exceed their actual value. [Source: Congress.gov]
#Cash#UnitedStates#DFC
·congress.gov·
H.R.3074 - 119th Congress: Common Cents Act (Congress.gov)
2024 Survey and Diary of US Consumer Payment Choice (Atlanta Fed)
2024 Survey and Diary of US Consumer Payment Choice (Atlanta Fed)
The 2024 Survey and Diary of Consumer Payment Choice found that US consumers are making more payments—averaging 48 monthly, up 6% from 2023—and the average monthly payment value rose 28% to $6,867. The use of paper-based payments (cash and checks) continues to decline, with just 14% of payments made in cash and a drop in consumers using checks. Payment cards remain dominant: two-thirds of all payments were made by card, credit cards are the most used for one-third of transactions, and mobile payment adoption is steady—70% used a mobile phone for payments in the past year, and mobile’s share of transactions increased to 32%. Most payments were in-person, except for bills, which remain heavily remote and digital. Fraud rates for checks and cards remained low, with mild declines in reported card fraud. About 8% of consumers reported owning crypto, mainly as an investment. The findings illustrate a continued, gradual shift toward digital and card-based payments, declining cash and check preference, and steady or increasing adoption of new payment technologies and channels.
#Cash#Payments#UnitedStates#Fintech#CryptoAssets#DFC
·atlantafed.org·
2024 Survey and Diary of US Consumer Payment Choice (Atlanta Fed)
Canadian Payment Methods and Trends (Payments Canada)
Canadian Payment Methods and Trends (Payments Canada)
In 2024, Canada’s payment landscape was dominated by digital payments, which comprised 86% of all transactions and 77% of total payment value, reflecting the country’s rapid adoption of contactless and e-commerce solutions. Total retail payment transactions reached 22.5 billion, amounting to $12.2 trillion—a 3% rise in both volume and value from 2023. Credit cards accounted for one in three transactions (33%) and over half (54%) of Canadians used them to pay bills or household expenses, while the number of credit cards in circulation rose to 112 million. Despite the growth in mobile and online payments, cash was still used frequently by nearly half of Canadians, and 57% expressed no desire for a completely cashless future. Payment innovation, including AI-driven shopping and mobile contactless methods, continues to reshape Canadian spending habits, with e-commerce projected to represent over 10% of retail sales by 2028, and mobile contactless payments expected to almost double in volume within five years.
#Canada#Fintech#Payments#Cash#AgenticAI#DFC
·payments.ca·
Canadian Payment Methods and Trends (Payments Canada)
Cash is Still King Across Africa (The Guardian)
Cash is Still King Across Africa (The Guardian)

According to an article in the Guardian, despite significant digital payment innovation in some regions, cash remains the dominant form of transaction across many African countries, driven by persistent trust issues, currency volatility, and limited point-of-sale adoption of cards and mobile money. The article highlights how merchants and consumers still favor cash due to practical challenges and skepticism about digital systems. The Pan-African Payment and Settlement System (Papss), recently launched under the African Continental Free Trade Area, aims to transform cross-border payments by enabling instant, low-fee transfers in local currencies and promoting financial sovereignty. However, Papss faces hurdles including infrastructure gaps, regulatory alignment with central banks, and competition from established global networks. If successful, Papss could become a game-changer for small businesses—streamlining trade and making payments as easy as texting, but wide adoption will depend on overcoming existing barriers and coordinating with national initiatives. [Source: The Guardian]

#FastPayments#Africa#Fintech#CrossBorder#PAPSS#Cash#DFC
·theguardian.com·
Cash is Still King Across Africa (The Guardian)
CashTech Innovations: Bridging Digital and Physical Finance
CashTech Innovations: Bridging Digital and Physical Finance

According to CashEssentials, CashTech is emerging as a transformative force bridging physical cash and digital finance, reflecting a new wave of innovation from fintechs and traditional banks. Recent examples include Revolut’s rollout of branded ATMs in Spain and Lloyds Bank’s collaboration with PayPoint, enabling cash deposits at thousands of UK retail locations, which together make cash more accessible and secure in today's digital-oriented financial landscape. The sector’s advancements—like apps allowing cash access via QR codes, SMS-based welfare disbursements, charity coins, online-to-cash payment systems, and virtual ATM networks—demonstrate how technology can strengthen financial inclusion, modernize cash handling, and integrate physical and digital payment options. Driven by regulation, consumer demand, and the need for equitable payment infrastructure, CashTech is shaping a future where both cash and digital money coexist.

#Cash#CashTech#Fintech#Payments#DFC
·cashessentials.org·
CashTech Innovations: Bridging Digital and Physical Finance
Lessons on the Unique Role of Physical Currency Across Four Crises (ECB)
Lessons on the Unique Role of Physical Currency Across Four Crises (ECB)
The European Central Bank (ECB) published an an article on the enduring and unique role of physical cash during four major crises—COVID-19, Russia’s invasion of Ukraine, the 2025 Iberian blackout, and the Greek sovereign debt crisis. It highlights how, despite a trend towards digitized payments, cash circulation surges dramatically during periods of acute uncertainty, infrastructural failure, or financial turmoil. In each crisis, people and institutions turned to cash as a reliable, tangible, and offline store of value and means of payment, underscoring its irreplaceable function when digital systems faltered or confidence was shaken. These episodes reveal that cash is not just a transactional relic, but a critical contingency instrument and societal insurance that boosts resilience, ensures preparedness, and provides psychological reassurance. The findings argue for public policy that protects and maintains broad access to cash, viewing it as a pillar of crisis management and economic stability, rather than simply as a payment alternative in an increasingly digital world. [Source: ECB]
#Cash#ECB#Fintech#DFC
·ecb.europa.eu·
Lessons on the Unique Role of Physical Currency Across Four Crises (ECB)
2024 Bank of Canada Methods-of-Payment Survey Report
2024 Bank of Canada Methods-of-Payment Survey Report
According to the Bank of Canada, in 2024, Canadians’ cash use remained stable at roughly one-fifth of transaction volume and about one-tenth of value, holding its place behind credit and debit at the point of sale; meanwhile, nominal cash holdings ticked up (with more $50/$100 notes on hand), and withdrawals rose across ABMs, branches, and cashback though still below pre‑2017 levels. Most people report good access to cash (ABMs and branches), strong note quality perceptions, and limited appetite to go fully cashless—nearly four in five have no plans to abandon cash, and even many “cashless” consumers still keep some on hand. Cash transactions skew toward lower‑value purchases (average around the mid‑$20s over the diary window), while contactless cards and rising mobile payments continue to capture higher shares of in‑person spending; merchant acceptance of cash remains high, and the overall post‑pandemic leveling suggests cash persists as a meaningful, resilient payment option despite ongoing growth in digital alternatives.
#Cash#Payments#Canada#Fintech#DFC
·bankofcanada.ca·
2024 Bank of Canada Methods-of-Payment Survey Report
Decoupling age, period and cohort from euro cash use
Decoupling age, period and cohort from euro cash use
The European Central Bank (ECB) published an article that analyzes why cash remains a vital means of payment in the euro area despite long-standing predictions of a cashless society. Using recent data (2019–2024), it finds that while digital payments are growing and the share of cash in transactions is declining—especially among younger and middle-aged people—cash continues to play important roles: older adults use it more for everyday purchases, younger people often keep cash at home for precautionary reasons, and all age groups increasingly view it as an important payment option. The resilience of cash is shaped by overlapping factors such as habit, limited substitutability of digital payments, privacy and crisis concerns, and demographic shifts—meaning future payment systems should ensure continued access to and acceptance of cash alongside digital options, supporting payment choice, inclusion, and economic stability.
#Cash#Europe#Payments#Fintech#DFC
·ecb.europa.eu·
Decoupling age, period and cohort from euro cash use
2025 Diary of U.S. Consumer Payment Choice
2025 Diary of U.S. Consumer Payment Choice
The 2025 Diary of Consumer Payment Choice report from the Federal Reserve Financial Services shows that despite increasing digitalization, U.S. consumers continue to use cash and keep it handy. The report found that consumers made an average of 48 payments per month in 2024, with cash use remaining stable at 7 payments per month. Cash was the third-most-used payment instrument after credit and debit cards, and households earning less than $25,000 per year and adults 55 and older relied more on cash.
#Cash#Payments#UnitedStates#Fintech#DFC
·frbservices.org·
2025 Diary of U.S. Consumer Payment Choice
Incorporating Trip-Chaining to Measuring Canadians’ Access to Cash
Incorporating Trip-Chaining to Measuring Canadians’ Access to Cash
Household mobility data can improve our measurement of access to cash. The existing literature typically assumes that households visit their nearest ABMs or financial institution branches from their homes, without combining cash withdrawals with other activities (i.e., on their way to shopping). However, the typical approach neglects two realistic features: The first is that, due to spatial agglomeration, cash access points could be co-located with popular points of interest, such as retail service centers; and, second, households could combine multiple trips, via trip-chaining, to reduce travel costs. Our paper employs smartphone data to construct an improved cash access metric by accounting for both spatial agglomeration and households’ travel patterns. We find that incorporating trip-chaining into the travel metric could show that travel costs are from 15% to 25% less than not incorporating trip-chaining and that the biggest decrease is driven by rural residents.
#Cash#Fintech#Canada#DFC
·bankofcanada.ca·
Incorporating Trip-Chaining to Measuring Canadians’ Access to Cash
Safeguarding consumers’ access to cash in the digital economy
Safeguarding consumers’ access to cash in the digital economy
The OECD published a paper that presents the impact of digitalization on access to cash and summarizes policies and measures enacted to ensure access to and acceptance of cash. Governments around the world are reacting to this decline by putting in place laws and regulations to protect access to cash for citizens. A few countries , such as New Zealand, have gone further to trial new mechanisms for operating in a 'less cash' environment, such as using multi-bank ATMs; reducing distances to shared ATMs ('smart placement');local cash recycling capabilities. Australia and UK are integrating Post Offices into their cash networks. But as cash is likely to be round for several decades, new approaches will be needed, such as rationalization of denominations and ATMs that recycle cash (which already exist but are not widely used), more use of stored value cards (SVCs), to provide 'change'.
#Cash#Fintech#OECD#DFC
·oecd.org·
Safeguarding consumers’ access to cash in the digital economy
And so we pay: more digital and faster, with cash still in play
And so we pay: more digital and faster, with cash still in play
The Bank for International Settlements (BIS) Committee on Payment and Market Infrastructures (CPMI) published a brief that highlights key retail payment trends based on 2023 data collected from member jurisdictions. It demonstrates that the use, or volume, of cashless payment methods continued to grow in 2023 and that consumers increasingly choose to pay digitally for small value transactions. Although broad based, the growth in cashless payments was especially strong in emerging market and developing economies (EMDEs), driven by a sharp increase in the use of credit transfers (mostly fast payments) and e-money. It also finds that the uptake of fast payments is generally higher in jurisdictions with lower levels of cash in circulation and wider use of payment cards, especially for small payments. However, the demand for cash withdrawals generally remained stable compared with previous years.
And so we pay: more digital and faster, with cash still in play
#Cash#FastPayments#Payments#FinTech#BIS#CPMI#DFC
·bis.org·
And so we pay: more digital and faster, with cash still in play
Costs of Cash and Card Payments from a Consumer Perspective
Costs of Cash and Card Payments from a Consumer Perspective
The costs of payment methods for consumers are difficult to determine, not recorded in a harmonised manner on an international level and consequently vary significantly from country to country. For this reason, a separate study is necessary for Germany. As part of a representative survey conducted in 2023, households were asked about the costs they incurred when using various means of payment. Financial costs were recorded, including fees for account management, ATM cash withdrawals or for payment cards, as well as the financial impact in the case of loss or fraud. Non-monetary costs in the form of the time required and the costs of data disclosure were also included.
#Cash#Germany#Fintech#DFC
·bundesbank.de·
Costs of Cash and Card Payments from a Consumer Perspective
Could Digital Currencies Lead to the Disappearance of Cash?
Could Digital Currencies Lead to the Disappearance of Cash?
The IMF published the results of a study that employs a two-sided market model to examine how payment systems might respond to new currencies. Numerical simulations indicate that the success of a new currency hinges on a large-scale launch. However, even unsuccessful attempts could disrupt existing systems, potentially resulting in the elimination of cash. If cash plays a critical role as a safeguard, regulatory and monetary authorities should give due consideration to ensure its continued availability when payment innovations are introduced.
#Fintech#Cash#DFC
·imf.org·
Could Digital Currencies Lead to the Disappearance of Cash?
Canadians’ access to cash in 2023
Canadians’ access to cash in 2023
The Bank of Canada published the results of a study that evaluated Canadians' access to cash in 2023, updating previous metrics on travel distances to automated banking machines (ABMs) and financial institution (FI) branches with improved quality checks on ABM locations. Despite a small decrease in the number of ABMs and branches since 2019, overall access to cash has remained unchanged, with Canadians needing to travel an average distance of 2.0 kilometers from their home locations to reach the nearest ABM and 4.6 kilometers to reach the nearest FI branch. Rural Canadians continue to travel farther to access to cash, with an average travel distance of 3.9 km to the nearest ABM and 9.7 km to the nearest branch, highlighting the need for continued monitoring in rural areas.
#Canada#Cash#Fintech#DFC
·bankofcanada.ca·
Canadians’ access to cash in 2023
Access to Cash in Australia
Access to Cash in Australia
Cash plays an important role in the community as a means of payment, store of value and a backup to electronic payment methods. Because of this, the RBA places a high priority on Australians continuing to have reasonable access to cash services. Since 2017, the closure of bank branches and bank-owned ATMs has led to increased distances to access cash services provided by banks, particularly in regional and remote areas. However, despite the significant reduction in bank-owned cash access points since 2017, the distance that most Australians have to travel to reach the nearest cash withdrawal point has not changed markedly in recent years. This is mainly because of the strong geographic coverage of Bank@Post and independently owned ATMs. As the number of locations where people can access cash has declined, some communities are vulnerable to a further withdrawal of cash services.
#Australia#Cash#Fintech#DFC
·rba.gov.au·
Access to Cash in Australia
Digital Banking: Argentinians are Increasingly Using Online and Mobile-based Apps for Everyday Transactions Due to COVID-19
Digital Banking: Argentinians are Increasingly Using Online and Mobile-based Apps for Everyday Transactions Due to COVID-19
In Argentina, where most people prefer to make cash payments, a strict nationwide lockdown (due to COVID-19) has forced local consumers into considering digital banking and online payments options.
#Fintech#Cash#Payments#MobileMoney#Pandemic#DFC
·crowdfundinsider.com·
Digital Banking: Argentinians are Increasingly Using Online and Mobile-based Apps for Everyday Transactions Due to COVID-19
Australia central bank mulls lowering e-payments charge
Australia central bank mulls lowering e-payments charge
The Reserve Bank of Australia is conducting a review of retail payments regulation and will consider reducing the cost of electronic payments for both merchants and consumers given the current COVID-19 related reluctance to use cash. ATM withdrawals were down by 30% from March to April and down by more than 40% from a year earlier. However merchants have been hit by higher charges when debut card payments are automatically routed through certain international payment schemes. https://www.rba.gov.au/speeches/2020/sp-ag-2020-06-03.html
#Fintech#MobileMoney#Cash#Pandemic#DFC
·finextra.com·
Australia central bank mulls lowering e-payments charge
Why coins are scarce and what government, banks are doing about it
Why coins are scarce and what government, banks are doing about it
U.S. federal regulators and financial industry representatives are expected to release a set of recommendations on how to jump-start the circulation of coins, which has slowed to a crawl during the coronavirus pandemic. Meanwhile, a number of banks are offering consumers bonuses for change brought in, stockpiling coins and strategically moving coins among branches. For example, the Community State Bank in Wisconsin has launched a Coin Buyback Program that paysa 5% premium for change.
#Fintech#Cash#Pandemic#DFC
·americanbanker.com·
Why coins are scarce and what government, banks are doing about it
How the pandemic has clogged the global economy with paper currency
How the pandemic has clogged the global economy with paper currency
The outbreak of Covid-19 has caused a global increase in the amount of cash in the economies of Canada, Europe, US, and the UK. But the big increase in cash-in-circulation is not due to an increase in withdrawals of cash. There is much less cash being returned to banks and ATMs - businesses and individuals simply aren't redepositing their banknotes. This article argues that is probably being driven by an unwanted accumulation of cash by crooks, because the network of restaurants and other businesses that they rely on to launder their funds have all shut down thanks to virus fears and lockdowns. So throughout the pandemic they have been accumulating ever more cash from the drug using customers, with no place to offload it.
#Fintech#Cash#DFC
·jpkoning.blogspot.com·
How the pandemic has clogged the global economy with paper currency