The Benefits Of Cash In A Crisis

March 26, 2020

In the wake of the Coronavirus outbreak, many people are changing their behaviors to help stem the spread of the virus. One of the habits people are changing is using contactless payment methods over cash. But, is this a necessary step? Here’s why cash is still a stand-out payment option in a crisis.

Cash No Greater Risk Than Other Surfaces

While bills and coins can carry bacteria and viruses, the Bank of England have confirmed that cash doesn’t pose a higher risk than any other common surfaces we can come into contact with on a daily basis. Furthermore, the majority of notes in circulation are now polymer notes which are much cleaner and more durable than paper versions.

There has also been no confirmation of cases where cash is responsible for transmitting Coronavirus.

As with the advice for coming into contact with all surfaces, it is important to wash your hands for at least 20 seconds and avoid touching the face after payment.

Smartphones And Cards Harbour Bacteria And Viruses

Instead of cash, many people are opting for contactless payment options using smartphones or cards. However, these still carry germs and bacteria. Smartphones can harbor viruses if a smartphone comes into contact with the disease, such as placing it on a common surface. There are approximately 25,127 bacteria per square inch on a smartphone. Consequently, it’s just as important to clean your smartphone and wash your hands regularly with phone use, just as it would be with cash.

ATMs Are Sanitised

In the wake of a lockdown, ATMs continue to provide support to people in need. Furthermore, cash remains vital to many people without smartphones and bank accounts. ATMs have rigorous cleaning procedures and are regularly sanitized for the safety of its users.

Reliable And Trustworthy

Networks are under a huge amount of pressure at the moment. With people on lockdown, internet services are having to work harder than ever as people remain in touch with their families, work from home and use streaming services. This means that outages and connection problems will increase, which may mean it is harder for shops and businesses to take digital payment options.

However, cash remains a trusted and safe method of payment, that doesn’t require internet connections to work.

Security For Coronavirus Anxiety

Many money psychologists believe that holding physical cash in a time of crisis can help to relieve anxiety. This is because having a safety net of cash can help to give people a sense of control. While there is uncertainty with digital money, physical money offers a real sense of protection. This can be vital for people who are concerned during this troubling period.

Safety In Cash

After the stock markets plunged, it is clear that cash is still king. In the last week alone, investors put over $136.9 billion into cash. This is a clear indication that cash provides reassurance, safety, and control in a turbulent time.

So, while it is crucial to maintain good hygiene practices when using cash, it is just as important to keep up these techniques with all payment options, and all contact with common surfaces, to try and prevent the spread of disease.