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Central banks snapped up banknotes during the pandemic, but they are now working through the stockpile before acquiring new stocks, De La Rue said in November 2
by kitd 4y ago
Central banks snapped up banknotes during the pandemic, but they are now working through the stockpile before acquiring new stocks, De La Rue said in November 2022. Demand for banknotes has also been depressed due to government finances being squeezed by inflation, the cost-of-living crisis, and access to foreign exchange in some cases.
I'm in the UK. I hardly ever use hard cash now, preferring contactless (or minimum, chip&pin). The dodgy window cleaner and pub quiz charity donations are my only regular cash uses these days.
I wonder what % of the drop in demand comes from that.
- enlyth 4y agoI'm in the UK as well and the last pub quiz I've been to, they had a card reader for the charity donations. You also see street buskers regularly using them too, so I think it's slowly becoming over for cash, except for maybe drug dealers?
- swarnie 4y agoSimilar story here... I've handled cash exactly three times this year so far and its always been money for a birthday card. I don't even know the pin to three of my four cards. Tap and go is just so, so good. The only thing i really want is a Venmo-style app for transferring small amounts between friends but nothing i've found so far is that wide spread, I assume because our app banking is pretty advanced. Edit: Apparently PAYM died last month, disregard my final sentence.