ICYMI: South Korea's efforts to quarantine and burn potentially infected bank notes reflects growing concerns about cash's ability to spread the coronavirus
Precautions and restrictions surrounding the usage and availability of cash could bolster digital payments adoption, but payments firms may still face losses because of the outbreak.
The quarantining and incineration of cash, combined with recommendations to not use cash, could convince consumers to make payments through other methods. If governments continue to store or destroy potentially infected cash, there could be less cash in circulation, making it harder for consumers to make cash payments.
And if consumers are concerned about the spread of the virus and heed the WHO's advice, they'll make a point to avoid using cash until the outbreak subsides. This could mean that consumers around the world turn to cards, devices, and other payment methods to limit their exposure to cash, boosting digital payments adoption globally.
Even if the outbreak popularizes noncash payments, it could still hurt digital payments firms' performances because it may lessen overall spending. Many US consumers are already So, concerns about cash may mean payments firms will see some spending shift to digital payment methods, but ultimately may cause their overall volume to drop.
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