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Worries about germ-ridden cash likely to accelerate a cashless society

12th March 2020
Posted by Aston Avery

As cases of Coronavirus continues to grow at an alarming rate, The World Health Organization has advised public against using paper money, leading many consumers to change their spending habits in order to reduce the risk of infection. But is this likely to speed up the acceleration towards a cashless society? Last month, both China and South Korea began disinfecting and isolating used banknotes as high infection rates sparked public official to rush to disinfect public places.

Initially the WHO advised people to ensure they wash their hands after handling bank notes, as viruses can live on cash for up to 17 days. However, they have now advised to avoid paying with cash entirely and instead opt for digital methods. But what does this mean for British businesses? New research, published today by Amaiz, shows that nearly 15% of small businesses still only take cash, and of those, nearly a third (32%) say they have lost a customer because of it.

Aston spoke to Matt Goddard from Amaiz to discuss the research that looks at the struggles faced by the UK’s micro businesses when it comes to staying on top of their finances and also look at the impact that coronavirus might have on small businesses and how they can respond to the demand to go cashless.