While digital payments are faster and more convenient, the demise of cash brings potential downsides.
to phase out cash and cheques appears to be the latest chapter in the relentless march to a cashless society as more people embrace electronic payments.
Harald Scheule, a professor of finance at the University of Technology, Sydney, spoke with 9news.com.au after the Macquarie Bank announced it was axing cash, cheques and phone payments for customers from next year.In a letter written to customers, Macquarie Bank said that by November 2024 customers will be unable to write or deposit cheques , deposit or withdraw cash over the counter at NAB branches.
Electronic tools such as direct debt, tap and go, credit facilities and bank transfer together with banks taking ATMs out of service were making cashless payments "unstoppable"."Today's it's easier to use card payments for all sorts of location ... if you go to a community barbeque you can pay for your sausage sandwich," he said.
A growing percentage of card transactions now include payment surcharges passed onto customers as businesses seek to recoup merchant fees.
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