Australia's Telstra experienced a two-day network outage that affected businesses across the country. The leading provider of mobile phones, services and internet advised people to carry cash while the issue was resolved.
Australians were unable to use Eftpos machines and ATMs, after a "faulty vendor equipment" caused the nation-wide blackout. Cashless citizens were left unexpectedly stranded when trying to pay for taxis at the end of a trip or charge customers using Eftpos.
“We sincerely apologise to customers for the impact it had through yesterday and overnight,”
While the company updated their Twitter followers as best they could, customers had a lot to say about the costs of the crash, exposing the risks of fully depending on cashless systems.
Do shoppers need shepherding? How Australia's 'Smart Money' threatens consumer freedoms
Exploring blockchain potential or curbing shopping freedoms with conditional spending?On October 9th, 2018, the Commonwealth Bank of Australia (CBA) announced they are exploring a new payments trial called Making Money Smart.
Is Australia on the brink of becoming a completely cashless society? (Mar 27, 2017)
The Reserve Bank is introducing new technology this year which will push Australia even further towards being a cashless society. Later this year the bank will roll out a new system called the New Payment Platform (NPP). The NPP will mean money can be transferred almost instantaneously, even when the payer and payee are members of different banks.
'Adapt or perish': The winners and losers in the switch from cash to card (Oct 31, 2018)
After 20 years of collecting coins, Big Issue vendors are this week making the switch to tap-and-go technology, becoming the latest not-for-profit to make the change in a bid to stay afloat in Australia's increasingly cashless economy.
Cash payments predicted to disappear within a decade as tap and go takes over (May 24, 2018)
CASH could become a distant memory as soon as 2026, according to startling new predictions from experts. According to data from the Reserve Bank of Australia (RBA)’s ongoing Consumer Payment Methods survey, the percentage of cash payments in the country plummeted from 69 per cent in 2007 to just 37 per cent in 2016.