Digital transformation and the adoption of new technologies have been really well received by Australian citizens. Covid-19 accelerated this existing digital trend and many banks accepted with joy cashless payment system.
Many banks started to close ATMs and branches and ban cash with one goal in mind to become cashless by the end of the decade.
Bank Commonwealth, NAB and ANZ stopped handling cash in a few branches, and announced to close more ATMs and branches next year. Unlike other bank’s Macquarie Bank recently announced a complete transition to digital payments by November 2024. Money experts in Australia has warned citizen that banks could start „Cash rationing“ at ATMs. This move will be made because of lower demand for banknotes.
However, should people be concerned about going cashless?
„It is our nature to hold cash, but for now cash will not disappear“ says Australian RMIT University finance expert Dr Angel Zhong. Only 13% of payments are in cash now, this phenomenon is a consequence of covid-19 pandemic in Australia.
In last seven years, 1700 bank branches have closed down but statistic shows that many people who live rurally still prefer cash.
This strategy of cashless society will be debatable in future period but many analysts are sure that this shift towards cashless society isn’t just a possibility, its already happening.