The Covid-19 (Covid) pandemic had a significant impact on people’s payment habits, with cash use falling significantly, and by more than other payment types. This has led to some concerns that Covid has hastened the demise of cash. But since coming out of lockdown, we have seen a sustained, if partial, recovery in cash use, and more recently, a stabilisation in cash use trends. Moreover, the value of banknotes in circulation remains elevated even two years on from the pandemic, at close to a historic high. This reflects people – up to 60% of the population – holding more cash as a store of value, which is a ... (full story)