Australia's transition to a cashless society raises concerns about financial exclusion, privacy and safety
1 year, 7 months ago

Australia's transition to a cashless society raises concerns about financial exclusion, privacy and safety

ABC  

Aside from those that involve the tooth fairy, cash transactions are at an all-time low. According to RBA data, just 7 per cent of Australians are "high cash users". Disadvantaged and at-risk communities The transition away from cash disproportionately affects disadvantaged groups, such as people with disabilities and those who live in remote and regional Australia who have difficulty accessing digital financial services. "There are a lot of people who secret away cash … potentially violent or abusive partners," Dr Berg says. "The amount of cash that we use to buy and sell things has continued to decline … but the amount of cash that's out there in the world has spiked, and it's because people aren't using it as a means of exchange, they're using it as a kind of security blanket," says Dr Vasantkumar.

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History of this topic

We are right not to give up on cash – but can we rely on our banks?
8 months ago

We are right not to give up on cash – but can we rely on our banks?

The Independent  

If any good has come from the largest tech outage in history, it is that it reminded the world just how reliant we have become on technology that can fail; that contactless isn’t a convenient way to pay during a digital blackout – and that old-fashioned cash has its advantages. Under new rules announced by the Financial Conduct Authority, banks …

RBA governor asks if Australians should pay a fee to use cash, while the ASX200 closes 0.5pc higher — as it happened
1 year, 3 months ago

RBA governor asks if Australians should pay a fee to use cash, while the ASX200 closes 0.5pc higher — as it happened

ABC  

There's a lot of interest in this topic about the cost of handling physical currency. Ms Bullock said there were obviously costs for businesses associated with processing cash payments, but it would be difficult to enforce a payment for cash and it's likely that financial institutions will continue to absorb these costs for some time. Question: Do we need to …

Use of physical cash one for the up for first time in at least a decade
1 year, 3 months ago

Use of physical cash one for the up for first time in at least a decade

The Independent  

Get the free Morning Headlines email for news from our reporters across the world Sign up to our free Morning Headlines email Please enter a valid email address Please enter a valid email address SIGN UP I would like to be emailed about offers, events and updates from The Independent. Across the UK, cash accounted for 19 per cent of …

Australia on track to become cashless as Commonwealth Bank, Westpac, ANZ and NAB close branches
1 year, 5 months ago

Australia on track to become cashless as Commonwealth Bank, Westpac, ANZ and NAB close branches

Daily Mail  

New data shows Australia will be cashless Australia could soon become a cashless society with a staggering number of bank branches closing in just a year - as hundreds of ATMs are also removed. Australia could soon become a cashless society with a staggering number of bank branches closing in just a year - as hundreds of ATMs were also …

Crime-hit small businesses weigh up going cashless to protect staff safety in North Queensland
1 year, 6 months ago

Crime-hit small businesses weigh up going cashless to protect staff safety in North Queensland

ABC  

When Annee Nguyen's coffee bar was targeted by thieves, she wanted her staff to feel safe returning to work. Key points: Small businesses are considering going cashless to protect staff — but it is too costly for some Business owners say they have been left "shaken up" and "vulnerable" after break-ins Cash use in Australia is continuing to decline, according …

Australia could be cashless in three years: Finance expert Sarah Wells issues urgent warning after Commonwealth Bank, Westpac, NAB and ANZ embrace change
1 year, 6 months ago

Australia could be cashless in three years: Finance expert Sarah Wells issues urgent warning after Commonwealth Bank, Westpac, NAB and ANZ embrace change

Daily Mail  

A finance expert has warned Australia could become a cashless society in as little as three years with thousands of people to be left worse off because of it. Young people will suffer, according to finance commentator Sarah Wells, because they won't learn the true value of money and lose valuable social interactions when all transactions are digital. Finance commentator …

Cash could be almost gone in Australia in a decade — but like cheques, who'll miss it?
1 year, 9 months ago

Cash could be almost gone in Australia in a decade — but like cheques, who'll miss it?

ABC  

Late last year, the Reserve Bank gave 1,000 Australians diaries and asked them to record every payment they made over the course of a week. As recently as 2007, the vast bulk of consumer payments — 69 per cent — were in cash. Both firms say their money-moving arms are incurring "heavy financial losses" and that if they increase their …

Australians are hoarding more banknotes but how far away is a cashless society in a digital world?
2 years, 2 months ago

Australians are hoarding more banknotes but how far away is a cashless society in a digital world?

ABC  

For many migrant communities across Australia, cash is still king. "A lot of people don't know how to use the online system or the banking system, and the fact is that they prefer to have control over their cash," she says. Tahera Nassrat says many migrants and elderly people prefer to keep cash rather than use a bank. Mr Kelly …

Australian towns are fighting to hold on to their bank branches, as government flags review of replacement services
2 years, 3 months ago

Australian towns are fighting to hold on to their bank branches, as government flags review of replacement services

ABC  

George Fowler remembers walking into the Carnamah bank for the first time 80 years ago. Key points: In the past five years, the number of bank branches has dropped 30 per cent ATM numbers have also been declining The closures are forcing some regional customers to travel an hour or more to the next available bank branch "My father gave …

COVID-19 is speeding up Australia's shift towards a cashless future
3 years, 2 months ago

COVID-19 is speeding up Australia's shift towards a cashless future

ABC  

A lot has changed since COVID-19 first struck, including the way we pay for things. Key points: Australians have been hoarding more physical cash since the pandemic began CBA predicts Australia may become a cashless society by 2026 Frequent cash users are more likely to be elderly and living in regional areas Even before the highly contagious Delta variant ripped …

Are we moving towards a cashless society in the near future?
3 years, 8 months ago

Are we moving towards a cashless society in the near future?

The Independent  

Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more Stay ahead of the curve with our weekly guide to the latest trends, fashion, relationships and more SIGN UP I would like to be emailed about …

Is it finally time to say goodbye to cash?
4 years ago

Is it finally time to say goodbye to cash?

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. In last year’s Budget, just weeks before the first …

Cash usage halves in three years amid fears coronavirus has accelerated 'permanent' decline
4 years, 5 months ago

Cash usage halves in three years amid fears coronavirus has accelerated 'permanent' decline

The Telegraph  

Cash usage has nearly halved in three years, ATM data has shown, amid fears coronavirus has accelerated the “permanent” decline in notes and coins. Millions of people still rely on cash for their day-to-day spending, experts said while a charity warned the UK is “hurtling towards a cashless society”. Gareth Shaw, from consumer group Which?, said: “While digital payments have …

What Australia can learn from Sweden's move to a cashless society
4 years, 9 months ago

What Australia can learn from Sweden's move to a cashless society

ABC  

As Australia flirts with the idea of a cashless society after coronavirus, Sweden has a warning: be careful what you wish for. Key points: A report predicts Australia could be cashless within two years 500,000 Australians still have a bank account with no linked debit card A Swedish expert says moving too fast can have unintended consequences Sweden is often …

Deposit interest rates at record lows leave many savers losing out to inflation
5 years, 9 months ago

Deposit interest rates at record lows leave many savers losing out to inflation

ABC  

Australians who rely on their bank savings to earn interest are already getting some of the lowest rates on record — and they are expected to drop even further in the coming months. Key points: Many banks are offering 'above market' initial interest rates on their savings accounts These promotional rates often fall to 0.2-0.5pc after several months — much …

UK's cash system in danger of collapse, leaving millions struggling to manage finances, report warns
6 years ago

UK's cash system in danger of collapse, leaving millions struggling to manage finances, report warns

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The UK’s cash system is …

Australia's banknotes are disappearing into drug deals, the black market and hoarders: RBA
6 years, 3 months ago

Australia's banknotes are disappearing into drug deals, the black market and hoarders: RBA

ABC  

Australia has $76 billion in banknotes outstanding somewhere in the economy and detective work from the Reserve Bank has found up to 8 per cent of the stash is tied up with criminal activity and drugs. Key points: Australia's shadow economy is valued at more than $40b and accounts for up to 8pc of missing banknotes Around $1b of cash …

Regulators are pushing us into a cashless world as RBA declares 'a turning point has been reached'
6 years, 3 months ago

Regulators are pushing us into a cashless world as RBA declares 'a turning point has been reached'

ABC  

Cash will become a niche payment sooner than we think and cheques will be phased out, says Reserve Bank of Australia governor Philip Lowe, as the Federal Government considers imposing tougher penalties on cash economy activity. It might get easier for the ATO to access your private data The paper suggests the ATO be given access to third-party information, including …

Cashless society looms as debit cards jump into lead
6 years, 9 months ago

Cashless society looms as debit cards jump into lead

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy The cash free society is …

Cashless welfare card causing 'horrible' financial stress, more dependence, participants say
6 years, 10 months ago

Cashless welfare card causing 'horrible' financial stress, more dependence, participants say

ABC  

Participants in the latest trial of the cashless welfare card in Western Australia's Goldfields say the program has caused them "horrible" financial stress and greatly reduced their independence. Kalgoorlie woman Barbara Clinch is unable to repay a bank loan on the cashless welfare card. The future of welfare Social Services Minister Dan Tehan said during a visit to Kalgoorlie that …

RBA warns bitcoin is a 'speculative mania', talks down chances of electronic Australian dollar
7 years, 3 months ago

RBA warns bitcoin is a 'speculative mania', talks down chances of electronic Australian dollar

ABC  

The Reserve Bank governor has talked down the chances of a Government-issued cryptocurrency, despite a massive increase in electronic transactions. New Payments Platform makes e-currency redundant However, Dr Lowe said the Reserve Bank currently saw no need for an electronic currency, given advances currently underway in the electronic payments system. "So the vast majority of what we know today as …

Reserve Bank says cash rate remains unchanged, warns 'not in the public interest' to fuel more borrowing
7 years, 6 months ago

Reserve Bank says cash rate remains unchanged, warns 'not in the public interest' to fuel more borrowing

ABC  

The Reserve Bank of Australia has ramped up its warnings about rising household debt, saying it would not be in the public interest to fuel more borrowing by cutting the cash rate further. Key points: Philip Lowe says lowering rates would have encouraged faster growth in household borrowing Adds that price growth in Sydney has slowed and interest rate hikes …

Cash usurped by 'tap and go' credit and debit cards
7 years, 7 months ago

Cash usurped by 'tap and go' credit and debit cards

ABC  

It used to be "king" but cash is rapidly making way for credit and debit cards, especially with the speed and convenience of "tap and go" payments. A survey from the Reserve Bank showed credit and debit cards — especially of the "tap and go" variety — had overtaken cash payments for the first time. Over a third of transactions …

Move to cash-free economy comes with concerns over privacy, cybercrime, expert warns
7 years, 11 months ago

Move to cash-free economy comes with concerns over privacy, cybercrime, expert warns

ABC  

An information security expert is warning that the convenience of Australia going cashless comes with some serious privacy concerns. If you're a low-income earner, someone who relies on cash-in-hand jobs, or a small business owner, you're likely to be the hardest hit as Australia moves towards becoming completely cash free. "One of the big privacy implications is that once we …

Moving towards cashless economy – What if cash had an expiry date?
8 years ago

Moving towards cashless economy – What if cash had an expiry date?

Op India  

While the debates around demonetisation have appeared to have died down, the government appears to pursue one of the objectives of the demonetisation – move towards cashless or less-cash economy. Yesterday, the government proposed to ban all cash transactions/deals worth more than 2 lakh rupees, which is a lakh less than what was proposed in the union budget earlier. To …

The countries where cash is on the verge of extinction
8 years, 6 months ago

The countries where cash is on the verge of extinction

BBC  

The countries where cash is on the verge of extinction Paula Bronstein/Getty Images Bundles of old bills are destroyed in a furnace in Kabul, Afghanistan Is going cash-free really ‘cleaner’ or ‘safer’? “I can’t remember the last time we received a cash payment,” says Marielle Groentjes, an administrator with the company that manages my apartment, Hoen Property Management BV, and …

The death of cash could give governments more control, experts fear
9 years ago

The death of cash could give governments more control, experts fear

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. But money experts fear that the complete disappearance of …

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