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BIS: Covid-19 accelerated the digitalisation of payments

Key takeaways

•The Covid-19 pandemic has boosted the use of digital and contactless payments.

•Cash in circulation reached a decade high due to a surge in demand for high-value banknotes,

suggesting that cash was increasingly held as a store of value rather than for making payments.

•The pandemic has added to the motivations of central banks to develop central bank digital

currencies (CBDCs).

How convenient.

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