Central Bank Digital Currency in the Context of Covid-19: What the Future Holds for Marketers and Consumers?

Central Bank Digital Currency in the Context of Covid-19: What the Future Holds for Marketers and Consumers?

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  Central Bank DigitalCurrency in the Context of Covid-19: What the Future Holds for Marketers and Consumers? Cashless society was already on the rise pre- pandemic in some countries. AP. (2020). Can the coronavirus survive on money? Retrieved from https://tinyurl.com/577k9aca Auer, R., & Boehme, R. (2020). The technology of retail central bank digital currency. BIS Quarterly Review(March). Retrieved from https://tinyurl.com/vwdudu3n Auer, R., Cornelli, G., & Frost, J. (2020a). Covid-19, cash, and the future of payments. Retrieved from https://tinyurl.com/bkw6cedp Auer, R., Cornelli, G., & Frost, J. (2020b). Rise of the central bank digital currencies: drivers, approaches, and technologies. Retrieved from https://tinyurl.com/24cjskut Greenberg, J. R. (2020). Will covid-19 end the use of paper money? Retrieved from https://tinyurl.com/9euwuh34 Nixon, G. (2020). Contactless safer than cash? It's 'fake news', says ATM operator as it launches a campaign amid coronavirus fears over handling coins and notes. Retrieved from https://tinyurl.com/rs52hxe9 Ozturkcan, S., Kasap, N., Ozdinc, M., & Tanaltay, A. (2019). Digital National Currency: Example of Sweden and e-Krona. Rapyd. (2020). New Research: Consumers Want Contactless and Digital Payments Due to COVID-19. Retrieved from https://tinyurl.com/4jstcrzx Riddell, S., Goldie, S., Hill, A., Eagles, D., & Drew, T. W. (2020). The effect of temperature on persistence of SARS-CoV-2 on common surfaces. Virology Journal, 17(1), 145. doi:10.1186/s12985-020-01418-7 Roberts, J. J. (2020). Most Americans now fear touching cash, survey says. Retrieved from https://tinyurl.com/296ja4j2 Stieg, C. (2020). Can going cashless prevent coronavirus spread? Here's what the WHO wants you to know. Retrieved from https://tinyurl.com/v9bpwvwa Selcen Ozturkcan, Associate Professor, School of Business and Economics, selcen.ozturkcan@lnu.se Background: pre-pandemic Behavioral Change: intra-pandemic References 1 2 4 The long due launch of Central Bank Digital Currencies (CBDC), especially in countries where cashless society was already established in the pre- pandemic era (Ozturkcan, Kasap, Ozdinc, & Tanaltay, 2019) https://tinyurl.com/y2jw3eor Intra-pandemic, some concerns on banknotes and coins' safety in transmitting viruses, bacteria, and microbes (AP, 2020; Greenberg, 2020). An emerging preference to refrain from handling cash but using alternative payment solutions arose (Nixon, 2020; Roberts, 2020; Stieg, 2020), which also helped in coming to peace with any remaining skepticism towards such means (Auer, Cornelli, & Frost, 2020a; Rapyd, 2020). SARS-CoV-2, the virus responsible for COVID-19, can survive for up to four weeks on banknotes (Riddell, Goldie, Hill, Eagles, & Drew, 2020). https://tinyurl.com/475653cu https://tinyurl.com/3 rf57eam https://tinyurl.com/7n sanduz Individuals' perceptions concerning the spread of pathogens through cash-induced a behavioral change. What the future holds: post-pandemic? 3 https://tinyurl.com/ y3dr59bs It is yet unknown if this change is to become permanent even after the pandemic, but financial circles discuss that it may be among the expected outcomes (Auer & Boehme, 2020; Auer, Cornelli, & Frost, 2020b). CBDCs may offer an attractive alternative approach to cash with their resilient and accessible central bank-operated infrastructures in facilitating contact-free payment options. https://tinyurl.com/3pkkrhmc There is a need to explore what the future may hold for marketers, and consumers with the emerging CBDCs, especially in the context of COVID-19.