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Switching from Cash to Cashless Payments during the COVID-19 Pandemic and Beyond∗

Wisniewski, Tomasz Piotr ; Polasik, Michal ; Kotkowski, Radoslaw and Moro, Andrea LU (2024) In International Journal of Central Banking 20(3). p.303-371
Abstract

Using a survey of 5,504 respondents from 22 European countries, we examine preferences regarding cash and cashless payments at the point of sale (POS) during the COVID-19 crisis. Consumers favor cashless transactions when they believe that handling cash presents a higher risk of infection. Moreover, the habits they develop during periods of restrictions and lockdowns appear to further diminish their appetite for transacting in cash. Not only do these factors affect current choice of payment method, but they also influence declared future intentions to move away from cash after the pandemic is over.

Please use this url to cite or link to this publication:
author
; ; and
organization
publishing date
type
Contribution to journal
publication status
published
subject
keywords
Cash, Cashless payments, COVID-19, Fear, Habit change, Payment behavior, SARS-CoV-2
in
International Journal of Central Banking
volume
20
issue
3
pages
69 pages
publisher
Association of the International Journal of Central Banking
external identifiers
  • scopus:105001694655
ISSN
1815-4654
DOI
10.2139/ssrn.3794790
language
English
LU publication?
yes
id
5e55cb29-0028-49b2-8229-061ddaf9a26c
date added to LUP
2025-09-11 11:48:45
date last changed
2025-09-11 11:51:21
@article{5e55cb29-0028-49b2-8229-061ddaf9a26c,
  abstract     = {{<p>Using a survey of 5,504 respondents from 22 European countries, we examine preferences regarding cash and cashless payments at the point of sale (POS) during the COVID-19 crisis. Consumers favor cashless transactions when they believe that handling cash presents a higher risk of infection. Moreover, the habits they develop during periods of restrictions and lockdowns appear to further diminish their appetite for transacting in cash. Not only do these factors affect current choice of payment method, but they also influence declared future intentions to move away from cash after the pandemic is over.</p>}},
  author       = {{Wisniewski, Tomasz Piotr and Polasik, Michal and Kotkowski, Radoslaw and Moro, Andrea}},
  issn         = {{1815-4654}},
  keywords     = {{Cash; Cashless payments; COVID-19; Fear; Habit change; Payment behavior; SARS-CoV-2}},
  language     = {{eng}},
  number       = {{3}},
  pages        = {{303--371}},
  publisher    = {{Association of the International Journal of Central Banking}},
  series       = {{International Journal of Central Banking}},
  title        = {{Switching from Cash to Cashless Payments during the COVID-19 Pandemic and Beyond<sup>∗</sup>}},
  url          = {{http://dx.doi.org/10.2139/ssrn.3794790}},
  doi          = {{10.2139/ssrn.3794790}},
  volume       = {{20}},
  year         = {{2024}},
}