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The Global Pandemic, Laboratory of the Cashless Economy?

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  • Jeremy Srouji

    (International Institute of Social Studies of Erasmus University Rotterdam, 2518AX The Hague, The Netherlands
    CNRS, GREDEG, Université Côte d’Azur, 06560 Valbonne, France)

  • Dominique Torre

    (CNRS, GREDEG, Université Côte d’Azur, 06560 Valbonne, France)

Abstract

The COVID-19 pandemic has had a profound impact on payment systems and preferences around the world, reducing the use of cash in favor of digital payment instruments and accelerating the discussion around the need for a central bank digital currency. This article presents the digital payments and cashless agenda before and after the pandemic, focusing on how the changing payments landscape has influenced the priorities and decisions of regulators, banks and other financial intermediaries, with regards to the future shape of payment systems. It finds that while the pandemic demonstrated the benefits associated with building an advanced, competitive and integrated digital payments eco-system, it has also brought to the forefront more fragmentation than convergence between payment systems in different regions of the world.

Suggested Citation

  • Jeremy Srouji & Dominique Torre, 2022. "The Global Pandemic, Laboratory of the Cashless Economy?," IJFS, MDPI, vol. 10(4), pages 1-13, November.
    • Handle: RePEc:gam:jijfss:v:10:y:2022:i:4:p:109-:d:985303
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    References listed on IDEAS

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    1. Jeremy Srouji, 2020. "Digital Payments, the Cashless Economy, and Financial Inclusion in the United Arab Emirates: Why Is Everyone Still Transacting in Cash?," JRFM, MDPI, vol. 13(11), pages 1-10, October.
    2. Caswell, Ellen & Hewkin Smith, Miranda & Learmonth, David & Pearce, Gareth, 2020. "Cash in the time of Covid," Bank of England Quarterly Bulletin, Bank of England, vol. 60(4), pages 2-2.
    3. Morten Linnemann Bech & Umar Faruqui & Frederik Ougaard & Cristina Picillo, 2018. "Payments are a-changin' but cash still rules," BIS Quarterly Review, Bank for International Settlements, March.
    4. Ayushi Bajaj & Nikhil Damodaran, 2020. "Consumer Payment Choice and the Heterogeneous Impact of India’s Demonetization," Monash Economics Working Papers 07-20, Monash University, Department of Economics.
    5. Codruta Boar & Henry Holden & Amber Wadsworth, 2020. "Impending arrival - a sequel to the survey on central bank digital currency," BIS Papers, Bank for International Settlements, number 107.
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    Cited by:

    1. Biswajit Patra & Narayan Sethi, 2024. "Does digital payment induce economic growth in emerging economies? The mediating role of institutional quality, consumption expenditure, and bank credit," Information Technology for Development, Taylor & Francis Journals, vol. 30(1), pages 57-75, January.
    2. Mohd Shafie Rosli & Nor Shela Saleh & Azlah Md. Ali & Suaibah Abu Bakar, 2023. "Factors Determining the Acceptance of E-Wallet among Gen Z from the Lens of the Extended Technology Acceptance Model," Sustainability, MDPI, vol. 15(7), pages 1-23, March.

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