The Meeting Place

Australia's shift to digital from cash hastened by COVID-19

australian cash and contactless payment system

COVID-19 may send tens of millions of coins to an early end, as the crisis virtually eliminates the demand for coins and Australia’s currency producers observe dramatic fluctuations in demand for cash.

According to Guardian Australia, “the Royal Australian Mint has seen “virtually no demand” for coins in 2020 as physical retail closed down, although the Reserve Bank of Australia – responsible for supplying banknotes – was forced to produce about 2.5bn extra banknotes to respond to a surge in Australians withdrawing their savings as early pandemic fear set in, behaviour which emptied consumer banks of their cash stores”.

The RBA acknowledges the increase in cash withdrawals doesn’t mean cash is back, as the popularity of cash transactions noted before the pandemic has actually intensified since the beginning of COVID-19 restrictions.

The RBA and the Mint will now consider further reductions in physical currency production as consumer behaviour favours online shopping, and retailers’ and shoppers’ preference for contactless payments increases.

In March the CBA recorded a record $1 billion in ‘digital wallet transactions’, and a 29 per cent reduction in ATM cash withdrawals in May compared with the same month last year.

There had been a 53 per cent drop in demand for coins between 2013 and 2019, said chief executive of the Royal Australian Mint, Ross MacDiarmid, adding that “there’s been virtually no sales for coins since the start of the year”.

“During Covid, what has unquestionably occurred is that people have stopped using currency entirely, or reduced it significantly,” he said.

“The question is what’s the legacy effect ... We just don’t know at this stage, and probably won’t know for another six months, until there’s been a period of normality.”

However, over-65s as a group have been resistant to digital payments, as have the linguistically diverse, lower-income families and students looking to save money.

“They know the less they have in their pocket, so the less they spend ... There is a level of comfort in cash, which continues to maintain anonymity,” he said.

Have you been using cash and coins less during the pandemic?

FirstPrev12(page 2/2)
21 comments

Greg... so you think I'm crazy. Your priviledge, but I'd rather be a little crazy than a ignorant buffon.

You say "If that was case why couldn't the government NOW stop your bank account? That would stop you making withdrawals of cash. Explain whay they don't do that if they want to control you.".... well since you haven't been able to figure it out for yourself, here's why.  The banks are not the only dispensers of cash are they?  There's loads of people walking around with cash on their person. Since you seem a little obtuse I'll spell it out for you.  I could do some work for someone for cash for example. No bank required from my end of the deal. Old mate just peels off a few notes and everybody is happy.  If there were no cash those little cash jobs that you do under the table to suppliment your income would be a thing of the past..... get it?

Perhaps it has escaped your attention but our freedoms and liberties have been on the slippery slide since 9/11 and it's getting worse. It was always ALL about the PTB maintaining and increasing their control of the population and if you can't see that it's obvious who the stupid one is.  Have a nice day

 

If there were no cash those little cash jobs that you do under the table to suppliment your income would be a thing of the past..... get it?

Yep ... I get it, "little cash jobs" > no tax payable, therefore less money in government coffers, therefore less available for social welfare e.g. pensions and national defence. Way to go, not IMO.

You were talking about YOUR bank account not someone paying you cash. Great deflection of the subject you're talking about.

So it seems your real reason for cash is for the black economy, you want to do work, get cash and not pay tax.

So that makes you one them, one of them who wants to bludge the system, not pay your fair sure of tax.

Yes I was wrong, you're not crazy.......just a selfish turd.

It depends what I'm buying. Petrol, goods other than food, I use a fee-free credit card (and pay it off every month). I periodically draw $100 from my (joint with spouse) savings account as required and pay for food and small expenses in cash. It's easy and uncomplicated, simple to keep track of available funds. I can't imagine having to charge a card for a coffee or similar small expense. Doesn't make sense, and would complicate balancing the bank account each month.

Greg   the only crazy is you.  You are too dumb to realise this is all about total control.  No doubt you will be the first in line  to have the invisible mark put on your hand or forehead [ mark of the beast ] when it eventually comes, and it will ,  you stupid moron of a lemming.

Who Rules the World? - YouTube

the illuminati have you in their clutches

Oh look another two crazys.....have your tin foil hat, better be careful those 5G towers are pretty strong.

The only "crazy" I see is you Greggie boy. Bet you won't be calling anyone crazies to their faces now would you dimwat?

The honey lady does not have an electronic paying system, I leave cash in the jar. What about farmers markets or any other market? It costs money to have an electronic system in place. 

So they factor that into the price just like any good business would do. Also the more who have the systems the cheaper it gets.

Lucca, Greg is not happy unless he is belittling someone. Name calling and abuse is his trademark post to anyone who has an opinion different to his. I'm betting he was either the class bully, or now that he has a keyboard, has become a fearless warrior. I'm guessing the latter since he was a bank johnny.  I'm hoping he will be lucky enough to have a 5G antenna right outside his house so he can enjoy all its benefits.

ROFL. Methinks ole Greg already lives near to a 5G tower Funkee,  and his tin foil hat is not protecting him LOL

Only like to belittle the stupid people. 

 

 

 

Sometimes I come in here and think I have accidentally slipped into the Twilight Zone.   

Moving on.  We had one of our credit cards hacked.  It was picked up by the Bank, who notified us immediately, stopped a transaction for over $5000 dead in its tracks and refunded a couple of hundred dollars of smaller transactions that had gone through after-pay.  New cards issued the same day and received within a couple of days.   Cards are the way to go IMO.

The biggest problem was remembering all the people who had direct debits that had to be updated, but the Bank even helped out with that, directing us to where we could find a list.

Working as a Sales Merchandiser travelling around various supermarkets and department stores building displays, I found it difficult to keep as watchful an eye as I probably should have on any cash I was carrying around with me. I had money stolen on more than one occasion, once more than four hundred dollars and that was a lot of money back then.  I had withdrawn it around lunchtime to pay for something on my way home from work.  The banks closed at 3 pm back then. Anyway, that money was stolen and unlike a card, never refunded by the bank that I withdrew it from.   Cards are the way to go IMO.

 

 

 

Not a good idea to carry large sums of money, but some petty cash is still needed IMO.

Exactly Leonie, someone "steals" from you credit card you get the money back, someone steals cash and it's gone forever.

I found this article from Mark Chandulal rather interesting


Something you didn't know about "CASH".

A lot of people don't see what's coming with how the government is pushing towards a cashless society. Especially with the ramp up of Covid-19. This should be worrying a lot of you who understand commerce. We should be fighting for our right to use cash as a legal tender more often.

Why cashless society is the worst thing for us all.


Cash is the most liquid asset and can be used immediately to perform economic actions like buying, selling, or paying debt, and meeting immediate wants and needs.


Once you have no hold of physical currency, the control of your invisible cash is in the hands of the banking institutions and government. Without cash, your control over your immediate assets becomes a digital illusion that can be controlled and manipulated as seen fit by the banks as well as the governments.


The government and banks can reserve the right to hold on to, postpone or lock your available funds in case of pandemic, economical crash, civil war, protests, refusal to co-operate, tax, refusal to be vaccinated, even if the government or the banks are illegally operating.


The idea of you having control over your money is just an illusion. The profiteers are the banks and by any means necessary, the banks will manipulate, bribe and pay off politicians to pass the law or regulation of the reduction of cash flow? Why?

Every physical penny that you hold in your pocket represents your control and your power of economic circulation, growth and exchange of goods.

Once you are no longer in possession of physical currency, your bank has it.
The dream of every bank is to have full access, holdings and control of your money.

This money becomes their borrowing and lending power. (E.g. 2009 US Bank Bail out. (Movie Big Short is about this crisis).

Banks charge you fees to safe hold your money. They also charge you transaction fees and withdrawal fees. Fees, fees, fees whilst they have your money and operate with it.  Shouldn't it be the other way around??

Point is, if bank has your cash, the bank has control. I've noticed a huge reductions in cash handling for apparent reason of reducing the spread of covid-19. Really??


So it's ok for the sales assistant to handle your shopping goods, your groceries, pack your bags, pass you the bag and the receipt but it's not ok to handle your cash?  Absolutely incredible bullshit.


Use your cash, it's against the law for anyone to refuse the cash payment in exchange for goods and services.


Take back the control of your life.

No point keeping money in the bank, need to invest it in something more solid I would think. I thought about that with the cashless buying too, the supermarkets have the screen and the sanitizers but no gloves. There was a couple of times I could not use the self service and instead had to get my shopping handled while they scanned it but I had to pack it! Yes has been a lot of inconsistences and all this is just putting fear into people so banks, big corporations and anyone who is invested in the plandemic makes more money but more so about Governmental conrol IMO. Why is it for example small businesses have been kept shut but big ones were allowed to continue, not just supermarkets but hardware etc.? Amazon made more money than they have ever done before during this time of lockdown and they were not providing their warehouse workers with any kind of protections. Big business as usual, small businesses closed and many forver, just what they wanted.

Incognito - see, there you go again proving your inability to understand what's been happening in the world.

The restrictions were about COMPROMISES - in Australia we never had a "lockdown", we had restrictions on certain retailers, services and procedures. The supermarket had the person scanning the goods, holding the product for a second, the chances are slim that would be a problem. What about those goods in the store on the shelf, how many people may have picked up a box, read the lable and put it back? 

How are banks making more out of this, they will be having a LOT MORE bad loans in the months/years ahead, hence why they were one of the groups on the stock market that were hit hard.

Big corporations making money? Some might if they are in the right business, talk to Qantas, Virgin or any of the travel agents, travel insurance companies, car rental companies (Hertz N America has collapsed), plenty of companies not making money.

The only small businesses kept shut here were nail salons, tattoo places and the like, anywhere there was close body contact. Any other retailer could stay open, many closed but that was THEIR choice. Remember it was a compromise, try to keep as much business activity going as possible while maintaining a lower level of movement in the community.

"Big business as usual" -  garbage, like I said plenty of big busniess have and are suffering and mor to come in the monts/years ahead.

Try having a look at rural and tourist spots, small business decimated.

FirstPrev12(page 2/2)
21 comments