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Switching from cash to cashless payments during the COVID-19 pandemic and beyond

Tomasz Wisniewski, Michal Polasik (), Radosław Kotkowski () and Andrea Moro ()

No 337, NBP Working Papers from Narodowy Bank Polski, Economic Research Department

Abstract: Using a survey of 5,504 respondents from 22 European countries,we examine preferences regarding cash and cashless payments at the point of sale (POS) during the COVID-19 crisis. Consumers favor cashless transactions when they believe that handling cash presents a higher risk of infection. Moreover, the habits they develop during periods of restrictions and lockdowns appear to further diminish their appetite for transacting in cash. Not only do these factors affect current choice of payment method, but also influence declared future intentions to move away from cash after the pandemic is over.

Keywords: COVID-19; SARS-CoV-2; Cash; Cashless payments; Payment behavior; Habit change; Fear (search for similar items in EconPapers)
JEL-codes: E41 E42 I12 I18 (search for similar items in EconPapers)
Pages: 49
Date: 2021
New Economics Papers: this item is included in nep-mac and nep-pay
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Handle: RePEc:nbp:nbpmis:337