COVID-19 and the Search for Digital Alternatives to Cash

Rodney Garratt and Michael Lee

No 20200928a, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: Today, the majority of retail payments in the United States are digital. Practically all digital payments are tracked, collected, and aggregated by financial institutions, payment providers, and vendors. This trend has accelerated during the COVID-19 pandemic as payments that require physical contact, such as cash, have been discouraged. As cash gradually becomes obsolete, consumers are left with fewer alternatives for making private transactions. In this post, we outline some evidence on the impact of COVID-19 on consumer payment behavior and follow up in the second post in this Liberty Street Economics series with a look at the implications of cash obsolescence for privacy.

Keywords: COVID-19; digital payments; cash; privacy (search for similar items in EconPapers)
JEL-codes: D14 E42 I18 (search for similar items in EconPapers)
Date: 2020-09-28
New Economics Papers: this item is included in nep-ban, nep-mac and nep-pay
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