Cash and COVID-19: The impact of the pandemic on demand for and use of cash

Heng Chen, Walter Engert, Kim Huynh, Gradon Nicholls, Mitchell Nicholson and Julia Zhu

No 2020-6, Discussion Papers from Bank of Canada

Abstract: Consumer spending declined significantly during the recent COVID-19 pandemic. This negative shock likely reduced spending across all methods of payment (cash, debit, credit, etc.). The mix of payment methods consumers use could also be affected. We study how the pandemic has influenced the demand for and use of cash. We also offer insights into the use of other payment methods, such as debit and credit cards.

Keywords: Bank notes; Central bank research; Digital currencies and fintech; Econometric and statistical methods (search for similar items in EconPapers)
JEL-codes: C1 C12 C9 E4 O5 O54 (search for similar items in EconPapers)
Pages: 21 pages
Date: 2020-07
New Economics Papers: this item is included in nep-mon, nep-ore and nep-pay
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (32)

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