Cash still 'king' despite rise of contactless payments

Deutsche Bank (DBK.DE) has declared “cash is still king” despite reports that the use of cards and contactless payments has gained popularity during the pandemic because of concerns that banknotes can help spread germs.

According to Deutsche Bank, people regard cash as a “store of value“ and a “safe haven."

It noted that recently, the European Central Bank (ECB) reported that the circulation of euro banknotes surged 12% over the past year.

That was the highest growth rate in a decade and more than double the growth rate of 2019. During the three months prior to May 2020, the increase of banknotes in circulation in the eurozone was €75bn (£64bn, $88bn).

By Saleha Riaz.

Full story at Yahoo News.