There’s no doubt that the pandemic altered the payment landscape, but five years later cash use remains stable.

What has changed is consumer demand for payment options. Despite numerous reports that the only consumers who use cash are unbanked or underbanked consumers, there also are consumers who simply choose to use cash for a variety of reasons, from its effectiveness as a budgeting tool to its convenience.

“Advancements in digital payment technology should not come at the expense of cash,” states a CashEssentials.org article. “Policymakers, financial institutions, and consumers must recognize the role of cash as a foundational element of a robust, inclusive, and sustainable economy.”

A late 2024 PaymentsDive interview with Jay Zagorsky, author of The Power of Cash: Why Using Paper Money is Good for You and Society, reverberates this message, stating that cash is a critical part of a resilient payment system. Zagorksy points out that its dangerous to think of cash simply as a back-up option. “You can’t keep cash around as a back-up if the gas station attendant has never handled cash. Businesses need to have the functions in place,” he said. He explained that employees who have never been taught to make change or follow cash processes can’t suddenly be expected to do so during an emergency. This is an important notion to consider in light of the fact that in 2024 the United States had more than 20 $1-billon dollar natural disasters.

“I’m advocating for sort of a dual society, where people use electronic payments, but also use cash as much as possible,” Zaogorsky said in the article. This supports consumers whose preference is to use cash and creates a heathy payment system.