Sour notes: During the pandemic crisis, cash is no longer a thing to be shoved mindlessly in the pocket or in a wallet. More businesses around the world have stopped using banknotes in fear that it might be a vector in spreading coronavirus.
Public officials and health experts have said that the risk of transferring the virus from person to person through the use of money. That hasn’t stopped businesses from refusing to accept currency, and some countries from urging citizens to stop using banknotes altogether.
“Cash ist Fesch” is a common saying in Austria and southern Germany. The phrase, which literally means cash is beautiful, reflects both countries’ attachment to cash — and not just among the older generation or those who worry about the loss of privacy that comes with cashless payments, but also among some younger people who see it as a status symbol.
Japan, for its sophisticated reputation, is also a solid believer in cash, which makes up for 53% of a household’s assets, according to the Bank of Japan. The belief in “cash is king” reigns, though the country has had zero interest rates for two decades, far longer than the rest of the developed world.
As banks imposed capital controls, trips to the bank to withdraw foreign currency — followed by a trip to one of the ubiquitous exchange shops to change money on the black market —“All I do is handle cash all day,” said one money changer in Beirut, who insisted on being identified by his first name, Ihsan. He said he feared unwanted attention from authorities.
Cash still rules in West and Central Africa even with the growth in regional banking options and mobile money service providers. Monthly banking account fees are prohibitive for many, and the self-employed often keep their savings at home in hard currency. ATM machines often don’t work., director of student and community initiatives and lecturer at Wichita State University’s W. Frank Barton School of Business, predicted the pandemic would lead some consumers to rethink their use of cash.
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