Monday, March 9, 2020
The National ATM Council, the U.S.-based trade organization representing America’s independent, nonbank ATM entrepreneurs, opposes recent efforts to characterize cash usage as a health risk during the global coronavirus epidemic. Simplistic statements that have been circulating on major media fail to account for unique attributes of U.S. markets and currencies, NAC representatives stated.
“U.S. currency is composed of 75 percent cotton and 25 percent linen, unlike other world currencies which are typically composed of wood pulp materials that comprise standard paper,” said Bruce Renard, Executive Director of the National ATM Council. “This is an important distinction, given available scientific research that indicates COVID-19 type viruses live much longer on hard surfaces – such as plastic charge cards, point-of-sale terminal buttons, and cell phones – versus fabric-like surfaces made of materials such as those used in U.S. bills.”
Renard went on to say that recent articles endorse contactless payments while understating related risk factors and the fact that U.S. contactless adoption has been slower than other regions. He traced a recent barrage of news stories to a March 2, 2020, article in the UK-based Telegraph, titled, “Dirty banknotes may be spreading the coronavirus, WHO suggests.”
WHO later reprimanded author and journalist Bill Gardner for inaccuracies but not before other media outlets copied and promoted the false report. Seeking to clarify rumors, WHO spokeswoman Fadela Chaib emailed MarketWatch journalist Meera Jagannathan, stating, “we were misrepresented.”
In a March 9, 2020, post titled, “World Health Organization: we did NOT say that cash was transmitting coronavirus,” Jagannathan quoted Chaib’s email, in which she stated, “WHO did NOT say banknotes would transmit COVID-19, nor have we issued any warnings or statements about this. We were asked if we thought banknotes could transmit COVID-19 and we said you should wash your hands after handling money, especially if handling or eating food. Doing so is ‘good hygiene practice.’”
U.S. contactless payment usage is far less widespread than in other countries, Renard noted. U.S. consumers use a mix of paper currency, plastic payment cards and POS terminal touchpoints, which are accessed with fingers, stylus pens and tap-and-go phone, form factors and plastic cards, all of which provide opportunities for plastic-to-plastic virus transmission.
Research indicates that COVID-19-like viruses live longer on plastic surfaces, such as plastic cards and POS devices, than on softer fabric surfaces, such as a U.S. currency note, Renard added. Using a charge card in the United States typically entails inserting, swiping or handing a card over to a retail clerk or server and pressing plastic buttons or a screen on a POS device. These transactions are certainly no less safe than paying with cash, Renard stated.
“We wholeheartedly concur that the public should take due care and precautions when handling paper currency in the U.S., given cash’s broad circulation among the public,” Renard said. “However, these precautions apply when handling all payments instruments and surrounding surface environments.”
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