Cash payments plummeted during the first two years of the coronavirus pandemic, when online shopping spiked, and they show little sign of bouncing back.

While the benefits of phasing out cash include increased convenience, transparency and safety, the transition to a wholly digital economy risks excluding some sections of society.

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.

In Sweden, one of the first nations in the world to embrace a cash-free economy, concerns about financial exclusion among marginalised communities saw a backlash against the shift to cashlessness, particularly when many bank branches removed cash-handling facilities altogether.

Five local credit unions arranged for a helicopter to deliver a cash-filled ATM to the flood-ravaged town, where blackouts lasted for weeks.

The onset of the coronavirus pandemic in 2020 saw a run on cash as bank customers withdrew funds, fearful of a stock market crash.

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[–] otl@hachyderm.io 3 points 1 year ago (1 children)

"Australia's transition to a cashless society". Misleading headline; the article is reporting on a relative decline in the number of cash transactions. Don't think there's been any policy or legislation on phasing out cash.

[–] unionagainstdhmo@aussie.zone 2 points 1 year ago (1 children)

We can become a cashless society without legislation; the headline is merely the reporter's commentary on the current state

[–] otl@hachyderm.io 2 points 1 year ago (1 children)

Maybe. How many businesses are refusing cash? *Could* they refuse cash? The article does not cover this. I found this piece insightful: https://nitter.net/CBSMornings/status/1185527270125002752

[–] unionagainstdhmo@aussie.zone 4 points 1 year ago

Nice share! While it is from a US perspective some of those issues certainly apply here, however, in Australia at least we have banks such as Macquarie which offer free savings and transaction (debit card) accounts so there isn't so much of a cost (apart from having an address I suppose) to opening an account. But the question is should we have to have a bank account?

I don't think we should have to have bank accounts to interact with society. However, the economics professor in the video did make some good points about how cash fuels crime

[–] Ilandar@aussie.zone 3 points 1 year ago (1 children)

I've started using cash again this year after like a decade using cards (and even a stint with my phone). Unfortunately crypto has failed as a realistic alternative so cash needs to survive until something else comes along.

[–] Salvo@aussie.zone 2 points 1 year ago

My colleague was very big into crypto; he ended up with a VISA linked to his crypto wallet and was very proud that it “couldn’t be tracked”.

I think I broke his heart when I pointed out that the specific card number could be tracked every time he used it. The bank of the seller could see every time he used that card.