Expert: Even COVID-19 can’t end paper money

Contrary to popular belief, COVID-19 does not mean the end of cash, Bill Maurer argues.

Although there was some concern during the early stages of the current crisis that paper money might transmit the virus, many people had heralded its demise even before the pandemic began.

“If you use cash at a physical till, there’s no data capture…”

Despite the convenience of plastic, the sense of safety with contactless online payment systems, or the allure of cryptocurrency, however, there are still situations where dollar bills are best.

Here, Maurer, dean of the University of California, Irvine’s School of Social Sciences, a professor of anthropology, and director of the campus’s Institute for Money, Technology and Financial Inclusion, explains the driving factors behind—and implications of—eliminating physical currency, the changing uses and social relations of money, and the enduring appeal of cash:

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