Pandemics and Household Cash Withdrawals: Evidence From Transaction Data on Hundreds of Millions of Bank Cards

Haohan Ren, Kemin Wang, Bohui Zhang and Fan Zhang

Financial Management, 2025, vol. 54, issue 4, 839-862

Abstract: Relying on data from 165 million bank cards in China, we find that people use less cash for transactions after the outbreak of COVID‐19. The effect is more pronounced in cities with a larger elderly population, lower education levels, more advanced digital infrastructure, and greater COVID‐19 exposure. Cash usage remains low even after COVID‐19 is no longer a public concern. Further analysis suggests that policies promoting noncash payment methods only partially explain this trend. Overall, our study suggests that COVID‐19 has a long‐term impact on household payment habits.

Date: 2025
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