Macquarie Bank is planning on ending cash transactions, specifically looking to end phone, cheque, and cash payment services. They want to pursue digital only transactions and the news on this has prompted frustration and criticism from many. Eventually one of Australia's biggest banks is going ot end all in-branch cash transactions. How long until more banks follow?
Will we truly see a cashless future come around in the years ahead to come? How is that going to impact vulnerable communities and those who prefer to use cash for their payments?
Digital transactions might be marketed for their convenience but not everyone wants to get on board with this payment option.
Last year it was seen that cash payments actually grew for the first time in a decade. Cash is still king with many and a number of consumers want to continue seeing this payment option for many years ahead to come. But is that going to be the embraced trend? There has been a lot of talk of a cashless society and it is anticipated that more banks will follow in the same steps as this bank in seemingly cracking down on cash payment services and options.
If the bank goes ahead with the changes it could mean seeing an end to cash deposits and cheques etc by the end of next year. That means no more cash withdrawals, no cash deposits either. They also won't be processing cheques, among other changes. What bank might be next to follow?
Sources:
https://www.dailymail.co.uk/news/article-12513455/Macquarie-Bank-scraps-cash.html
https://www.bbc.com/news/business-66796263