‘No question’ plummeting cash acceptance will make tender obsolete
All cash could soon be as outdated as the 1c and 2c coins, with many Australians moving toward electronic payments.
“It’s on its way out, no question,” CANSTAR Group Executive Steve Mickenbecker told Neil Breen.
Mr Mickenbecker said while ATM usage is down by half, purchases from credit and debit cards are up three times.
“That’s still a lot of withdrawals from ATMs but cash is definitely on the way out.”
He added coronavirus fears may have accelerated the phenomenon as more people became concerned about the hygiene risk of exchanging cash.
This comes as Neil has heard multiple reports of listeners left unable to pay after businesses reject cash.
“Yes they can,” said Mr Mickenbecker. “Refusal to accept currency is not illegal.”
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