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Cash and COVID-19: The impact of the pandemic on demand for and use of cash

Author

Listed:
  • Heng Chen
  • Walter Engert
  • Kim Huynh
  • Gradon Nicholls
  • Mitchell Nicholson
  • Julia Zhu

Abstract

Consumer spending declined significantly during the recent COVID-19 pandemic. This negative shock likely reduced spending across all methods of payment (cash, debit, credit, etc.). The mix of payment methods consumers use could also be affected. We study how the pandemic has influenced the demand for and use of cash. We also offer insights into the use of other payment methods, such as debit and credit cards.

Suggested Citation

  • Heng Chen & Walter Engert & Kim Huynh & Gradon Nicholls & Mitchell Nicholson & Julia Zhu, 2020. "Cash and COVID-19: The impact of the pandemic on demand for and use of cash," Discussion Papers 2020-6, Bank of Canada.
  • Handle: RePEc:bca:bocadp:20-6
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    File URL: https://www.bankofcanada.ca/2020/07/staff-discussion-paper-2020-6/
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    References listed on IDEAS

    as
    1. Walter Engert & Ben Fung, 2019. "Cashless Bank Branches in Canada," Staff Analytical Notes 2019-29, Bank of Canada.
    2. Gerrit Bilkes, 1997. "The new bank note distribution system," Bank of Canada Review, Bank of Canada, vol. 1997(Summer), pages 41-54.
    3. Heng Chen & Marie-Hélène Felt & Christopher Henry, 2018. "2017 Methods-of-Payment Survey: Sample Calibration and Variance Estimation," Technical Reports 114, Bank of Canada.
    Full references (including those not matched with items on IDEAS)

    Citations

    RePEc Biblio mentions

    As found on the RePEc Biblio, the curated bibliography for Economics:
    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Economic policy > Money and monetary policy

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    Cited by:

    1. Hans-Eggert Reimers & Friedrich Schneider & Franz Seitz, 2020. "Payment Innovations, the Shadow Economy and Cash Demand of Households in Euro Area Countries," CESifo Working Paper Series 8574, CESifo.

    More about this item

    Keywords

    Bank notes; Central bank research; Digital currencies and fintech; Econometric and statistical methods;

    JEL classification:

    • C1 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General
    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • C9 - Mathematical and Quantitative Methods - - Design of Experiments
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • O5 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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