AUSTRALIA'S MACQUARIE BANK DITCHES CASH

One of Australia's largest banks is ditching cash at all of its branches and shifting entirely to 'digital-only' services.

Macquarie Bank customers will no longer be able to access over-the-counter services or order new chequebooks from May 20.

The bank's automated telephone banking service and chequebooks for new cash management accounts have already been slashed.

The announcement is the latest hit for those who prefer to pay with cash, to avoid records being kept of all their transactions.

In April, thousands took part in a 'Cash Day Out' protest and rushed to withdraw money from ATMS to protest against Australia's slow but inexorable transition to a digital-only country.

To read the complete article, see:
Macquarie Bank ditches cash at all branches and goes 'completely digital' (https://www.dailymail.co.uk/news/article-13373571/Macquarie-Bank-ditches-cash.html)

Macquarie's actions follow a trend in the Australian banking sector, as several banks have already taken similar steps. ANZ, a top Australian bank, recently communicated it was also dropping cheque support. Bankwest, another banking institution, decided to go digital only and is prepared to close 45 branches by October.

This digital shift happens as Australian society is dropping cash and going digital. Only 13% of the payments in 2022 involved cash, according to Michele Bullock, the governor of the Reserve Bank of Australia (RBA). Last year, Bullock stressed that 75% of Australian citizens were considered low cash users. However, Bullock recognized that cash use was still important in certain regions and for elderly people.

To read the complete article, see:
Macquarie Bank to Go Cashless as the Banking Sector Shifts to Digital-Only in Australia (https://news.bitcoin.com/macquarie-bank-to-go-cashless-as-the-banking-sector-shifts-to-digital-only-in-australia/)

Businesses should think carefully before refusing cash payments. Governments must ensure that people reliant on cash can continue to use it: in the UK, where thousands of bank branches and ATMs have vanished, the Financial Conduct Authority now has powers to protect access. But even if the supply of notes and coins can be assured, authorities must also ensure that services accept them. The onward march of digital payments won't stop, but cash still counts.

To read the complete article, see:
The Guardian view on the cost of a cashless society: the most vulnerable will pay (https://www.theguardian.com/commentisfree/2024/may/01/the-guardian-view-on-the-cost-of-a-cashless-society-the-most-vulnerable-will-pay)

	NBS (coinbooks.org) Web