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Pandemics and Household Cash Withdrawals: Evidence From Transaction Data on Hundreds of Millions of Bank Cards

Author

Listed:
  • Haohan Ren
  • Kemin Wang
  • Bohui Zhang
  • Fan Zhang

Abstract

Relying on data from 165 million bank cards in China, we find that people use less cash for transactions after the outbreak of COVID‐19. The effect is more pronounced in cities with a larger elderly population, lower education levels, more advanced digital infrastructure, and greater COVID‐19 exposure. Cash usage remains low even after COVID‐19 is no longer a public concern. Further analysis suggests that policies promoting noncash payment methods only partially explain this trend. Overall, our study suggests that COVID‐19 has a long‐term impact on household payment habits.

Suggested Citation

  • Haohan Ren & Kemin Wang & Bohui Zhang & Fan Zhang, 2025. "Pandemics and Household Cash Withdrawals: Evidence From Transaction Data on Hundreds of Millions of Bank Cards," Financial Management, Financial Management Association International, vol. 54(4), pages 839-862, December.
    • Handle: RePEc:bla:finmgt:v:54:y:2025:i:4:p:839-862
    DOI: 10.1111/fima.12500
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