Will COVID-19 kill off cash?

30 April 2020

​Those of you that will have seen my article, 'I bet your Digital Worker hasn’t been furloughed', will know I am expecting to see a lot of my clients begin to invest, or further invest, in automation in the “next norm”.


Those that have seen the least impact on their processes whilst their teams have been working remotely, or furloughed, or worse still unable to work due to illness, have been the ones that had introduced automation to their tasks, and maintained a level of resilience amidst the chaos.


E-commerce and online e-tailing businesses will gain market share as consumer behaviours change. People will be more conscious of limiting human contact. We have already seen an uptake in online grocery shopping during the pandemic. When the lockdown is withdrawn and confidence eventually returns to spending, I expect some of the public will continue to avoid the High Street and prefer to shop online for convenience, and to avoid unnecessary human contact. Businesses will be investing in their digital channels and infrastructure, so they are able to fulfil consumer demand.


A by-product of this will be an increase in the contactless payments market. The world will be looking to make transactions as contactless as possible. We can already see a huge surge in this as new research reveals that more than 7 million contactless payments have been made since the limit was increased to £45 in the UK to help combat the coronavirus pandemic. Whilst the use of cash before the pandemic had been dropping year on year due to the emergence of contactless payment methods, reports at the end of March from Link, the operator of the UK’s biggest network of ATMs, said cash usage in Britain had halved in the month. The closure of shops, a shift to contactless payments, plus concerns that notes may harbour the virus contributed to the dramatic decline.


When the markets begin to see a resurgence, will our old behaviours return with it? Will you be keeping cash in your wallet or rely on contactless payments?

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She spent over 13 years working for two US law firms in the City of London before moving to Dubai and joining Herbert Smith Freehills in 2018 as a senior associate. Anna was first promoted to of Counsel in 2023 and elevated to partner in May 2024. Anna is frequently commanded by her clients for her exceptionally pragmatic approach to transactions, enabling them to navigate complex legal challenges with ease. Why did you decide to pursue a career in law? I didn’t always know I wanted to be a lawyer. In fact, I considered other paths. At one point at a very young age, I even thought about joining the army – I admired the discipline and resilience it required, and honestly, some of those skills would be helpful in law, too! While I had considered pursuing an MBA immediately after completing my master's degree, I ultimately chose to move countries and requalify in the UK, believing that this path would provide me with the most meaningful opportunities to advance my career. Looking back on your career, what are some key moments that have helped or hindered you in getting to where you are? There have been many key moments, both positive and challenging, that have shaped where I am today. Early on, studying law in two different languages and legal systems and requalifying in a very competitive market in London was a significant hurdle and achievement, that taught me the value of determination, hard work and persistence. Ultimately, moving firms to prove myself further and eventually relocating to Dubai to accelerate my career were key decisions that allowed me to challenge myself in new ways and grow. On the flip side, there were times when I faced doubts about whether I belonged in certain rooms, especially being a woman in a traditionally male-dominated industry. But each obstacle has made me more determined and shaped my leadership style. Each of these steps has been part of my evolution, and over the years I have learned that resilience and adaptability are key to navigating any obstacle. My promotion to of Counsel and then Partner earlier this year were major milestones, and currently, I am the only female partner in the office, which is something I am incredibly proud of. Having said all that, I know I wouldn't have been able to achieve all this without the support of amazing colleagues and mentors along the way. Do you believe there’s a glass ceiling for women in the workplace, and has it changed? I do believe the glass ceiling still exists in many industries, including law, though progress is being made. I have experienced certain challenges in my career, but I have not faced prejudice based on my gender; I’ve always thought of myself simply as a lawyer, focusing on being the best I can be. Today, we’re seeing more women in leadership roles, and I am proud to be among them. 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