Catch Me (If You Can): Assessing the Risk of SARS-CoV-2 Transmission Via Euro Cash

Abstract

Disclaimer: This paper should not be reported as representing the views of the European Central Bank (ECB). The views expressed are those of the authors and do not necessarily reflect those of the ECB.

Benefit–Risk Perceptions of FinTech Adoption for Sustainability from Bank Consumers’ Perspective: The Moderating Role of Fear of COVID-19

“…The European Central Bank responded to this public concern by conducting a study on the survivability of COVID-19 on their banknotes. The study concludes that "as for many other similar viruses, SARS-CoV-2 survives on banknotes and coins for 30 min to a maximum of several days (significantly shorter than on door handles, for instance), but only in limited quantities" [29] (p. 15). The unprecedented public concern has led central banks in countries such as China, South Korea, Hungary, and Kuwait to implement measures to sterilize or quarantine banknotes to ensure that cash leaving their currency centers does not carry viruses [26].…”

“…Without disqualifying the role of rules and regulation in shaping behavior, there are sufficient reasons to argue that users' behavioral shifts have also driven FinTech adoption during the pandemic [28]. COVID-19 is a highly contagious acute respiratory virus (SARS-CoV-2) transmittable through physical contact with infected humans or objects, including banknotes and coins [26,29]. Studies by [23][24][25] have shown that the fear of becoming infected has changed consumer spending and purchasing behavior toward online platforms.…”

Pandemic payment patterns

“…Several studies show that the likelihood that of getting COVID-19 via payment instruments is low. For example, Tamele et al (2021) report a very low risk of getting the virus via the use of cash. Schijven et al (2021) also find a very low risk.…”

A touch transfer assay to determine surface transmission of highly pathogenic viruses

“…As a result, numerous concerns have been raised, that banknotes and coins serve as vectors for the transmission of disease-causing microorganisms. During the recent COVID-19 pandemic, it was suspected that contaminated banknotes and coins contributed to the transmission of severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), resulting in a sharp decline in the use of cash ( Tamele et al., 2021 ).…”