Cash Blog

Why cash is safe to use in times of Corona

Monday, March 30, 2020

Company: International Currency Association

Why cash is safe to use in times of Corona
 

  • Banknotes and coins are safe to use in times of corona.
  • Central banks and medical experts all confirm that cash is safe to use; no evidence for cash transmitting the virus (see list with references).
  • Every information to the contrary is fake news.
  • The campaign against cash is completely unfounded. It is run by crisis profiteers exploiting momentary anxieties and fears and adding to the burden people already carry.

Security is important

  • At the moment, all over the world limits for contactless payments are being increased while, at the same time, security is being reduced.
  • Cash is safe to use and it is the most secure form of payment. No risk of cybercrime and fraud, no risk of hacks.

Freedom is important

  • Private payment providers are using corona as a platform to increase their market share; if they are successful, payment will be increasingly in the hands of commercial players.
  • Cash is a public infrastructure, a form of power sharing between governments, central banks and the public.
  • Cash is the only form of payment independent of its issuer. Personal freedom is tied to the use of cash.
  • Freedom of choice is only guaranteed when you can choose how to pay.

Privacy and protection of data is important

  • More mobile, card and contactless payments increase the amount of data being shared and sold. They accelerate the risk of sliding into “surveillance capitalism”.
  • Cash protects the privacy and anonymity of its users. It is safe.

Costs are important

  • All mobile, contactless and card payments incur fees. In the end, consumers always pay.
  • Cash is free to use once it’s in circulation. It settles at par, no charges involved. You don’t have to pay to pay with cash.

Inclusion is important

  • Mobile, contactless and card payments pose entry hurdles. They are not available to every part of the population because of technological, network, financial, literacy etc. barriers.
  • Cash is the only form of payment available to all, regardless of social status, financial standing, creditworthiness, age, gender, race, nationality, and ability. No registration or specific access is needed in order to obtain, spend or accept it. It is the only truly inclusive means of payment – quite important to the 1.6 billion unbanked people in this world.