Cash is here to stay

 

Sir,– In your Cantillon column “Has cash had its day due to this pandemic?” (Business, April 16th), you suggest the Covid-19 crisis has exacerbated trends towards cashless payments and away from banknotes and coins – with many fearing cash can be a vector for transmitting the disease. While you rightly state that there is a “lack of scientific proof” for such fears – cash is as safe as cards – the days of cash are far from over. The latest weekly statement from the European Central Bank shows that EU-wide demand for cash is up– the value of euro in circulation rose €7.7 billion in the week to April 10th from the previous week – and cash is still used for the majority of in-person transactions in Ireland, according to the most recent ECB report. Cash is an essential public infrastructure and is vital for social inclusion. Cash is a universal means of payment available for all, it cannot be hacked, and it protects the privacy and anonymity of its users. Cash is here to stay. Let’s not give into fear. – Yours, etc,

JUTTE BUYSE,

Director General,

International Currency

Association,

Windmill Business Village,

Sunbury-on-Thames, UK.