Covid risk from cash lower than thought – Bank of England  

November 25, 2020 | Payments

Written by FinTech Alliance

Covid risk from cash lower than thought – Bank of England  

Consumers have been encouraged to pay with cashless methods due to Covid-19 transmission risk, but new studies say the risk is “low”.  

In Brief:  

  • The BoE cites a study which found virus droplets declined to 5% of their original volume after six hours.  

  • Transmission risk is the same on paper notes and the newer polymer notes.  

  • This comes from its bulletin, Cash in the time of Covid.  

What does this mean?  

It is interesting to see the reports that cash isn’t as “dangerous” as many people feared when the virus first broke out, and this is especially positive news for those who do not have access to cashless solutions. However, the way consumers pay is likely to be linked to their confidence as opposed to these findings, and it’s unlikely cashless use will decline now that people have adopted and become comfortable with it over the past eight months.  

Read more here.  

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