Digital payments might be on the rise, but cash can be a lifeline for those who rely on it to pay for essential items.
still use cash regularly, according to Treasurer Jim Chalmers. Cash can be a lifeline, he explained, when announcing plans last month to require all businesses in Australia selling essential goods, and healthcare suppliers, to accept cash for payment.
And while cashless payments continue to be the preferred way for many of us to pay, here are seven reasons why we shouldn’t abandon cash just yet.While many businesses now accept digital payments, there are still plenty of smaller establishments that prefer cash transactions, including street vendors, family-owned corner stores and smaller operators.Most merchants need to pay a fee to process credit-card transactions, which can eat into profits.
If there has been a power outage or a natural disaster where electronic payments don’t work, cash can be a lifesaver. Or, if you just need to get home and your bank card has failed due to an outage, it’s handy to have cash on you.When purchasing something on Marketplace or Gumtree, many buyers will insist you use cash to complete the transaction.
Handing over cash for a purchase also helps kids understand the value of money and see how much things actually cost.Have you tried to take a decent amount of cash out over the counter at your bank lately? The teller is required to ask what the money is for, and records that in your bank record.
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