On a recent visit to my bank to withdraw some cash, and having waited in line for nearly 20 minutes, I was told to utilise the ATM. My branch is now a Cashless Branch!

Can you imagine a bank without cash? It’s like a pub with no beer!

This matter has come to the forefront more often lately, as banks, retail outlets, and many other services opt to not accept the legal tender of cash. By law, merchants must advise their customers ahead of time if they will no longer accept cash payments. As a result, more businesses are now doing so in preparation for the “cashless society”.

Unlike digital wallets, tap-and-go, and phone payments, Cash does not let you down. There is no need for a passcode, charging the device, interruptions to service due to electricity outages. Recently, there have been telecommunication outages where the customer was stuck unable to pay for food, fuel and other goods and services. Imagine being caught out in the “Back of Bourke” filling up on fuel and supplies, and suddenly the service station cannot accept electronic payments due to a “terminal down”. Uummmm

The cost of using digital payments varies between 20c and 50c for the merchant. This depends if you tap-and-go or insert your card. It is predicted that Australia will become a “cashless society” by the end of 2030. Cheques will also go extinct. Some lending institutions are already making it difficult for customers to reorder cheque books, an indication they are preparing for the “cashless” society.