WELLINGTON (CU)_The COVID-19 pandemic has led to a major shift in payment trends across the globe, as the global health crisis triggered a slump in the use of cash. Many businesses are moving to digital transactions only and consumers are deliberately avoiding the use of cash owing to COVID fears. Even prior to the global health crisis, cash was being used in an ever-smaller proportion of transactions, with digital innovation, closure of bank branches and the removal of cash machines encouraging shoppers to increase reliance on payment cards and convenient contactless payment systems.
Nevertheless, in New Zealand monetary policy administrators and consumers recognise the important role played by…
