Covid-19 has accelerated paradoxical developments in cash usage

Antti Heinonen explores the unusual patterns in banknote demand in 2020

Getting euros from a cash machine

The paradoxical development of the two motives to use cash – the decline in its usage in payments accompanied by the growth in its holdings – has been evident for a number of years, but the ongoing Covid-19 pandemic has accelerated the trend. Several recent payment studies confirm the increase in online shopping and the growing use of contactless and mobile payments media, resulting in a significant decrease in the use of cash in transactions.1 At the same time, precautionary demand for cash has

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