Devine recounts a recent personal experience of her local café being impacted by a major outage at cashless payment provider Square, ‘which forced customers all over the country to pay cash’, attempt direct money transfers or otherwise ‘negotiate IOUs’ with businesses. Naturally, this resulted in considerable disruption and lost revenue, and some people being unable to make purchases. Were cash to be more widely accessible (with Devine noting some 1,600 bank branches closed across the nation between 2017 and 2022) a quick trip to the nearest ATM—or a simple dip into ones’ wallet—and it could have been business as usual.
While ‘the Reserve Bank of Australia has noted that many still have privacy and security concerns related to electronic payments’ and its June 2023 bulletin Cash Use and Attitudes and Australia indicates around 16 percent of in-person transactions continue to be made in cash, ATM and branch closures continue as banks push cashless alternatives. Its bulletin acknowledged ‘there are vulnerabilities to cash access in some communities... and a substantial share of merchants have indicated plans to discourage cash payments at some point in the future,’ but made no commitment beyond ‘monitoring these trends.’
Still, a cashless future is not inevitable. There are significant stumbling blocks, such as the inability to transact without power and an internet connection, the total lack of financial privacy, and the issue of removing rather than adding choice in the payments space. There is another way, as Devine points out, that can combine tradition and technology—something cash embodies with its long history and modern, cutting-edge security features—to enjoy the advantages of both cash and cashless.
