Humans have a centuries-old emotional relationship with physical money that is difficult to erase. The virus, though, may be starting to do just that. zkaram digs into the affinity for cash in uncertain times — and how it’s different this time around.
In the midst of the coronavirus era, a thousand calculations are made before cash is handled — mostly with gloved hands. Some leave the money laid out on surfaces for days, for the virus to die. Others disinfect banknotes with spray. Some even microwave them in the belief it kills the virus. In China, banks are now required to sterilize cash with ultraviolet light or heat, then store notes for at least a week before they are given to customers.
“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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