Australia’s move to a cashless society grows by the day, as it has been reported by Australian media that 718 ATMs have been removed since last year, along with 424 physical bank branches closing their doors. Instead the strong majority of Australians prefer paying digitally, by swiping cards or by “tap-and-go.”
This fact was brought about after the Reserve Bank of Australia’s Governor Michele Bullock revealed yesterday, that there may come a time where businesses and lending institutions may charge consumers for using cash.
One economist featured on Australia’s 7 News Sunrise explained that people are already paying a small fee when transacting digitally, so the so-called “cost” Bullock referred to was this.
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