An incident involving a cafe refusing cash payment from a Member of Parliament sparked debate about the rights of consumers when paying with cash. This article explores the legal definition of 'legal tender' and its implications for businesses, highlighting the evolving role of cash in a digital payment landscape.
But as cash use continues to decline, its role in the flow of money is becoming more niche.Weren't businesses already required to accept cash?Disgruntled MP Bob Katter made headlines this week after his cash was rejected by a cafe — in Parliament House, of all places.
But if other means of settlement weren't specified in advance, cash can't be refused as payment of an existing debt.A look at the age of cash users can give us more of a glimpse at where its usage will head in the future, too. The survey's findings indicate there's still room for the trend to continue downward as young Australians shirk shrapnel and digital payments become increasingly accessible.
A spokesperson for the Reserve Bank of Australia added that in addition to acting as a fallback payment option, "cash remains an important means of payment for some people and is widely held for precautionary or store-of-wealth purposes".
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