An overwhelming majority of Australians believe businesses should be forced to legally accept cash as sectors go cashless amid the rise of the digital economy.
The latest online poll conducted by Nine.com.au found out of 554 respondents, 78 per cent believe businesses should be forced to take cash payments.
About 9 per cent disagreed that businesses should be forced to accept cash, while 13 per cent believed the balance between cash and card payments was just right.
While the vast majority of Aussie retailers accept both cash and electronic payments, it is not unlawful for a business to ask for card payments only.
However, under Australian law, the provider of the goods or services is “at liberty to set the commercial terms upon which payment will take place before the ‘contract’ for the supply of the goods or services is entered into”.
According to some finance experts, Australia’s transition to a cashless society is inevitable and could happen by the end of the decade.
In the last financial year alone, data from the Reserve Bank revealed more than a billion dollars worth of physical cash disappeared from circulation.
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RMIT associate professor in finance, Dr Angel Zhong said people were moving to digital wallets and buy-now-pay-later (BNPL) not just in big cities but in remote Australia, too.
“The shift towards a cashless society in Australia isn’t just a possibility, it’s already well underway,” Zhong said.
“The convenience of digital transactions has become irresistible for consumers and businesses and has led to the sector eclipsing traditional payment methods.”
