Fears of ‘Cashless Society’ Shrink as Reserve Bank of Australia Data Shows ATM Withdrawals are Trending Up
According to recent data from the Reserve Bank of Australia. Cash withdrawals are increasing across the country, putting to rest concerns about the country becoming a “cashless society.
According to RBA data, the total value of cash circulating in the Australian economy has reached historic highs of about $103 billion.
“There has never been more cash in Australia,” said Jason Bryce, a representative for the Cash Welcome.org industry campaign.
“Paying with cash is the new, new thing.” “Cash has resurfaced as a fashionable option.”
Australian Currency
A male holds an Australian dollar. This visual concept conjures images of saving money, paying bills, and making investments.
He went on to say that the “whole fantasy of the cashless society, pushed by card corporations, phone companies, and financial institutions, is dead.”
According to RBA figures released on Wednesday, 981,800 more ATM withdrawals in November than in October.
Cash withdrawals totaled 29,789,400 in November, compared to 28,807,600 the prior month.
According to Mr. Bryce, the figures showed that cash usage in Australia was beginning to rebound.
“There is no trend toward a cashless society, and the use of cash is actually increasing,” he claimed, despite the expanding number of options to conduct cashless transactions.
“After an initial worry about cash and COVID, we’ve discovered that paying with cash is just as safe as paying with cards or phones.”
Many establishments switched to taking card-only payments during the pandemic to decrease the number of surfaces. Where the coronavirus could spread, with others touting “contactless payment” as a commercial drawcard.
Mr. Bryce also mentioned strong pushback against high card surcharges, a lack of privacy and trustworthiness, and the difficulty of budgeting wisely while making purchases over the phone.
“Monthly cash withdrawals have increased over the last three months.”
“Even if people don’t use cash on a regular basis, they trust the system because they know they can convert their bank account balances to cash if they want to.”
Despite a “sharp fall” in day-to-day cash usage, cash demand became “extraordinarily high”. Due to the COVID-19 epidemic over 2020, according to an RBA report released in March 2021.
“The pandemic has hastened long-term trends in banknote demand,” it stated. According to the report, the value of banknotes in circulation increased by 17.1% in the year to February 2021, reaching $97.3 billion. A large increase in value compared to the typical annual rise of roughly 5% during the previous decade.
