Less cold hard cash is washing through the economy as ATMs and EFTPOS machines disappear across the country to make way for digital payment systems.
ATMs and EFTPOS machines are disappearing across the country as Australians move to digital payment systems, with the Reserve Bank revealing the use of cash has halved, led by older people and those living in regional areas.
The Reserve Bank, in its annual report, said the use of cash for in-person transactions had fallen from 32 per cent in 2019 to just 16 per cent last year. Australians’ changed shopping habits, higher interest rates and a reduction in precautionary savings were all contributing to the decline in cash.“The use of physical cash for day-to-day transactions has been declining for many years, as consumers switch to digital payment alternatives. The COVID-19 pandemic further accelerated this trend,” the RBA said.
The number of EFTPOS outlets has also dropped, edging below 700,000 this year. Since mid-2017, about 100,000 EFTPOS points have gone. The decline in cash, and improvements in the quality of the notes in circulation, is helping one age-old problem with notes. The RBA said the level of counterfeiting fell to its lowest level in almost 20 years in 2022-23.
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