Australia’s Macquarie Bank is going fully cashless, with critics raising concerns about the resilience, privacy and security of digital-only transactions.
News.com.au reports that the bank has committed to ‘a fully digital model’ and in addition to phasing out cash and cheque services, it has also stopped offering phone banking. It has additionally ended an agreement with National Australia Bank (NAB) that enabled its customers to make deposits and withdrawals via cash and cheque at NAB branches.
While Macquarie claims digital payments are ‘safer, quicker and more convenient’, concerns have been raised, with Macquarie University lecturer Dr Chris Vasantkumar pointing out: ‘some folks—indeed some societies—have serious concerns about lack of privacy’ and, despite the best efforts of the financial sector, cash is ‘unlikely to go away completely’.
