Cash Usage Declines Rapidly in Australia

Since the pandemic, the concept of cash has been waning. Some businesses no longer accept coins and notes, whilst others are reluctant to take your currency. Whilst most people prefer to use digital payments , everyone could be impacted if cash dispersal from Australia .But in Australia , that's no longer the case. Just a decade ago, more than half of transactions were cash. Now, just it's just one in seven.

“Probably the main cost is distributing it. So getting it out to people and getting it safely back to banks. And I haven't found an exact figure for that, but judging by media stories, it's somewhere in there sort of hundreds and millions. I don't think the cost of operating the trucks and so on would have changed all that much, but certainly the amount of usage of currency has.”“Over the past six years, there's been a 37 per cent drop in the number of bank branches.

The Reserve Bank has said that they want to keep cash available and that's because there are still people who rely on it. Particularly older people, people on low incomes, and people in remote areas tend to use cash more than inner city people.”“I think there's still no substitution for knowing that you've got dollars in your pocket. Credit cards, plastic, they don't quite feel the same. They're not as transferable.

Cash Australia Pandemic Digital Payments Transactions Businesses

Australia Latest News, Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Keeping cash afloat: banks, retailers offer Armaguard cash delivery lifelineA short-term financial injection in the tens of millions of dollars has been offered to help Armaguard, the Lindsay Fox-owned cash transport firm, survive.
Source: FinancialReview - 🏆 2. / 90 Read more »

Cash ATMs: Cash spokesman in the pocket of Big ATMJason Bryce is the mainstream media’s favourite “pro cash campaigner”. No one seems to be asking who’s backing him.
Source: FinancialReview - 🏆 2. / 90 Read more »

Fox takes cash-strapped, cash-trucking empire to the brinkNo one minds when it’s the big banks over a barrel. It’s deliciously novel. But who believes that’s where this dispute will stay?
Source: FinancialReview - 🏆 2. / 90 Read more »

The future of cash in focus on Draw Out Some Cash Day‘Draw Out Some Cash Day’ started as an online petition, protesting the declining use of cash in everyday transactions. Online demonstrators are calling on Australians to visit an ATM and withdraw some money, with the aim of plunging cash back into Australian society.
Source: SBSNews - 🏆 3. / 89 Read more »

Cash deliveries: Coles hoards cash over Easter as Armaguard teeters on the brinkThe Lindsay Fox-controlled monopoly has engaged former ACTU secretary Bill Kelty to lead negotiations with major banks over a rescue package.
Source: FinancialReview - 🏆 2. / 90 Read more »

Armaguard woes: Coles limits cash withdrawals, halts deliveries from currency firmCash handling company Armaguard faces an uncertain future as Australians reduce their use of cash.
Source: SBSNews - 🏆 3. / 89 Read more »