In an unexpected turn of events, a Coles supermarket in Sydney became the unlikely catalyst for a broader conversation about Australia's reliance on digital transactions.

The store, typically bustling with customers, faced an abrupt exodus when a simple, handwritten sign was placed at its entrance.

The Coles store in question, located in Westfield Bondi Junction, experienced a system outage that prevented customers from paying via card transactions.

This led to the display of a handwritten sign stating, 'Cash only, sorry for any [inconvenience].'

The sight of this sign led to a significant number of customers abandoning their shopping and leaving the store, despite the presence of an ATM just a few metres away.

Coles shoppers ditch the supermarket due to a ‘cash only’ sign. Image: Facebook

The incident was shared on social media, with one local posting on social media, '"Cash only” at Coles Bondi Junction tonight, as “the system is down”.’

‘A great reminder to everyone of the importance of keeping cash in the economy,’ said the shopper.

The post sparked a flurry of comments, with many expressing concern about Australia's shift towards a cashless society.

One person wrote: 'Imagine if we go to card only and hackers get into the banking systems they could cripple the retail and service industry. We have to keep two systems!'

Meanwhile, a nearby Harris Farm grocery store, which was accepting card payments, was bustling with customers.

Data from the Reserve Bank of Australia (RBA) shows that cash accounted for just 13 per cent of all payments made in 2022, down from 27 per cent in 2019.

Furthermore, more than a billion dollars worth of physical cash has disappeared from circulation in the last financial year.

Finance Specialist Sarah Wells predicts that Australia will effectively be cashless by 2026.

She told a news source: 'We’re very close to a cashless society…We can’t stop it. Our phones and watches are becoming our first choice [for purchases] now. There aren’t as many ATMs around any more, branches are closing down, and some retail shops can’t break money.'

However, the drop in physical cash in the economy could present challenges during network outages, as was the case with the Coles store in Bondi Junction.

Wells suggests that Australians need to change their behaviour and start withdrawing and using cash more frequently to reintroduce the demand.

‘We are in a situation that we have created ourselves,’ she said.

‘The challenges we have with moving towards a more cashless society, or what I call a less cash-dependent society, is if we’ve lost a billion dollars [of physical cash from circulation], so that means that there’s a billion dollars less going into ATMs for us to use,’ she explained.

‘So if we start to have more outages, or we have more challenges, people can go to an ATM, but the cash might not be there.’

Wells added: ‘All we have to do is change our behaviour. If every Australian went out and withdrew $100 a week instead of buying stuff. You know what? We’d end up with more cash in the system, kids will know about cash, stocks will start taking cash.’

‘If we don’t want to live like that, we have to inconvenience ourselves a little bit and change the supply and demand.’

Key Takeaways

• Shoppers were observed leaving a Coles store after noticing a 'cash only' sign due to a system outage preventing card payments.
• The incident took place at the Coles store located in Westfield Bondi Junction and prompted discussions on the significance of cash in the economy.
• Australia is trending towards a cashless society, with cash transactions notably decreasing over recent years.
• Finance Specialist Sarah Wells commented on the potential challenges of a cashless society, especially during network outages, and suggested ways to reintroduce cash into circulation.

What's your take on this, members? Have you ever faced a similar situation in a store where they only accept cash? Do you think we should maintain a balance between cash and digital transactions? Share your thoughts in the comments below.

 

[Frigate]

In an unexpected turn of events, a Coles supermarket in Sydney became the unlikely catalyst for a broader conversation about Australia's reliance on digital transactions.

The store, typically bustling with customers, faced an abrupt exodus when a simple, handwritten sign was placed at its entrance.

The Coles store in question, located in Westfield Bondi Junction, experienced a system outage that prevented customers from paying via card transactions.

This led to the display of a handwritten sign stating, 'Cash only, sorry for any [inconvenience].'

The sight of this sign led to a significant number of customers abandoning their shopping and leaving the store, despite the presence of an ATM just a few metres away.

View attachment 39845

Coles shoppers ditch the supermarket due to a ‘cash only’ sign. Image: Facebook

The incident was shared on social media, with one local posting on social media, '"Cash only” at Coles Bondi Junction tonight, as “the system is down”.’

‘A great reminder to everyone of the importance of keeping cash in the economy,’ said the shopper.

The post sparked a flurry of comments, with many expressing concern about Australia's shift towards a cashless society.

One person wrote: 'Imagine if we go to card only and hackers get into the banking systems they could cripple the retail and service industry. We have to keep two systems!'

Meanwhile, a nearby Harris Farm grocery store, which was accepting card payments, was bustling with customers.

Data from the Reserve Bank of Australia (RBA) shows that cash accounted for just 13 per cent of all payments made in 2022, down from 27 per cent in 2019.

Furthermore, more than a billion dollars worth of physical cash has disappeared from circulation in the last financial year.

Finance Specialist Sarah Wells predicts that Australia will effectively be cashless by 2026.

She told a news source: 'We’re very close to a cashless society…We can’t stop it. Our phones and watches are becoming our first choice [for purchases] now. There aren’t as many ATMs around any more, branches are closing down, and some retail shops can’t break money.'

However, the drop in physical cash in the economy could present challenges during network outages, as was the case with the Coles store in Bondi Junction.

Wells suggests that Australians need to change their behaviour and start withdrawing and using cash more frequently to reintroduce the demand.

‘We are in a situation that we have created ourselves,’ she said.

‘The challenges we have with moving towards a more cashless society, or what I call a less cash-dependent society, is if we’ve lost a billion dollars [of physical cash from circulation], so that means that there’s a billion dollars less going into ATMs for us to use,’ she explained.

‘So if we start to have more outages, or we have more challenges, people can go to an ATM, but the cash might not be there.’

Wells added: ‘All we have to do is change our behaviour. If every Australian went out and withdrew $100 a week instead of buying stuff. You know what? We’d end up with more cash in the system, kids will know about cash, stocks will start taking cash.’

‘If we don’t want to live like that, we have to inconvenience ourselves a little bit and change the supply and demand.’

Key Takeaways

• Shoppers were observed leaving a Coles store after noticing a 'cash only' sign due to a system outage preventing card payments.
• The incident took place at the Coles store located in Westfield Bondi Junction and prompted discussions on the significance of cash in the economy.
• Australia is trending towards a cashless society, with cash transactions notably decreasing over recent years.
• Finance Specialist Sarah Wells commented on the potential challenges of a cashless society, especially during network outages, and suggested ways to reintroduce cash into circulation.

What's your take on this, members? Have you ever faced a similar situation in a store where they only accept cash? Do you think we should maintain a balance between cash and digital transactions? Share your thoughts in the comments below.

Yes it is a new brave world with cashless, wireless and paperless technology when we have to keep cash as backup, telco outages and keeping huge collection of receipts with vanishing content for tax return.

 

[Jan Purcell]

give me cash any day, if we go cash less, how do we give donation?

 

[Giannidifirenze]

In an unexpected turn of events, a Coles supermarket in Sydney became the unlikely catalyst for a broader conversation about Australia's reliance on digital transactions.

The store, typically bustling with customers, faced an abrupt exodus when a simple, handwritten sign was placed at its entrance.

The Coles store in question, located in Westfield Bondi Junction, experienced a system outage that prevented customers from paying via card transactions.

This led to the display of a handwritten sign stating, 'Cash only, sorry for any [inconvenience].'

The sight of this sign led to a significant number of customers abandoning their shopping and leaving the store, despite the presence of an ATM just a few metres away.

View attachment 39845

Coles shoppers ditch the supermarket due to a ‘cash only’ sign. Image: Facebook

The incident was shared on social media, with one local posting on social media, '"Cash only” at Coles Bondi Junction tonight, as “the system is down”.’

‘A great reminder to everyone of the importance of keeping cash in the economy,’ said the shopper.

The post sparked a flurry of comments, with many expressing concern about Australia's shift towards a cashless society.

One person wrote: 'Imagine if we go to card only and hackers get into the banking systems they could cripple the retail and service industry. We have to keep two systems!'

Meanwhile, a nearby Harris Farm grocery store, which was accepting card payments, was bustling with customers.

Data from the Reserve Bank of Australia (RBA) shows that cash accounted for just 13 per cent of all payments made in 2022, down from 27 per cent in 2019.

Furthermore, more than a billion dollars worth of physical cash has disappeared from circulation in the last financial year.

Finance Specialist Sarah Wells predicts that Australia will effectively be cashless by 2026.

She told a news source: 'We’re very close to a cashless society…We can’t stop it. Our phones and watches are becoming our first choice [for purchases] now. There aren’t as many ATMs around any more, branches are closing down, and some retail shops can’t break money.'

However, the drop in physical cash in the economy could present challenges during network outages, as was the case with the Coles store in Bondi Junction.

Wells suggests that Australians need to change their behaviour and start withdrawing and using cash more frequently to reintroduce the demand.

‘We are in a situation that we have created ourselves,’ she said.

‘The challenges we have with moving towards a more cashless society, or what I call a less cash-dependent society, is if we’ve lost a billion dollars [of physical cash from circulation], so that means that there’s a billion dollars less going into ATMs for us to use,’ she explained.

‘So if we start to have more outages, or we have more challenges, people can go to an ATM, but the cash might not be there.’

Wells added: ‘All we have to do is change our behaviour. If every Australian went out and withdrew $100 a week instead of buying stuff. You know what? We’d end up with more cash in the system, kids will know about cash, stocks will start taking cash.’

‘If we don’t want to live like that, we have to inconvenience ourselves a little bit and change the supply and demand.’

Key Takeaways

• Shoppers were observed leaving a Coles store after noticing a 'cash only' sign due to a system outage preventing card payments.
• The incident took place at the Coles store located in Westfield Bondi Junction and prompted discussions on the significance of cash in the economy.
• Australia is trending towards a cashless society, with cash transactions notably decreasing over recent years.
• Finance Specialist Sarah Wells commented on the potential challenges of a cashless society, especially during network outages, and suggested ways to reintroduce cash into circulation.

What's your take on this, members? Have you ever faced a similar situation in a store where they only accept cash? Do you think we should maintain a balance between cash and digital transactions? Share your thoughts in the comments below.

I’ve seen 100’s of customers walk out of my local Coles store because of a sign… It said ‘EXIT’

 

[LeahI]

Chicken and egg?? We (the consumer) created this and the banks follow our lead by reducing services. Or banks want to reduce costs and make it difficult for us to use our own cash.

 

[Luckyus]

In an unexpected turn of events, a Coles supermarket in Sydney became the unlikely catalyst for a broader conversation about Australia's reliance on digital transactions.

The store, typically bustling with customers, faced an abrupt exodus when a simple, handwritten sign was placed at its entrance.

The Coles store in question, located in Westfield Bondi Junction, experienced a system outage that prevented customers from paying via card transactions.

This led to the display of a handwritten sign stating, 'Cash only, sorry for any [inconvenience].'

The sight of this sign led to a significant number of customers abandoning their shopping and leaving the store, despite the presence of an ATM just a few metres away.

View attachment 39845

Coles shoppers ditch the supermarket due to a ‘cash only’ sign. Image: Facebook

The incident was shared on social media, with one local posting on social media, '"Cash only” at Coles Bondi Junction tonight, as “the system is down”.’

‘A great reminder to everyone of the importance of keeping cash in the economy,’ said the shopper.

The post sparked a flurry of comments, with many expressing concern about Australia's shift towards a cashless society.

One person wrote: 'Imagine if we go to card only and hackers get into the banking systems they could cripple the retail and service industry. We have to keep two systems!'

Meanwhile, a nearby Harris Farm grocery store, which was accepting card payments, was bustling with customers.

Data from the Reserve Bank of Australia (RBA) shows that cash accounted for just 13 per cent of all payments made in 2022, down from 27 per cent in 2019.

Furthermore, more than a billion dollars worth of physical cash has disappeared from circulation in the last financial year.

Finance Specialist Sarah Wells predicts that Australia will effectively be cashless by 2026.

She told a news source: 'We’re very close to a cashless society…We can’t stop it. Our phones and watches are becoming our first choice [for purchases] now. There aren’t as many ATMs around any more, branches are closing down, and some retail shops can’t break money.'

However, the drop in physical cash in the economy could present challenges during network outages, as was the case with the Coles store in Bondi Junction.

Wells suggests that Australians need to change their behaviour and start withdrawing and using cash more frequently to reintroduce the demand.

‘We are in a situation that we have created ourselves,’ she said.

‘The challenges we have with moving towards a more cashless society, or what I call a less cash-dependent society, is if we’ve lost a billion dollars [of physical cash from circulation], so that means that there’s a billion dollars less going into ATMs for us to use,’ she explained.

‘So if we start to have more outages, or we have more challenges, people can go to an ATM, but the cash might not be there.’

Wells added: ‘All we have to do is change our behaviour. If every Australian went out and withdrew $100 a week instead of buying stuff. You know what? We’d end up with more cash in the system, kids will know about cash, stocks will start taking cash.’

‘If we don’t want to live like that, we have to inconvenience ourselves a little bit and change the supply and demand.’

Key Takeaways

• Shoppers were observed leaving a Coles store after noticing a 'cash only' sign due to a system outage preventing card payments.
• The incident took place at the Coles store located in Westfield Bondi Junction and prompted discussions on the significance of cash in the economy.
• Australia is trending towards a cashless society, with cash transactions notably decreasing over recent years.
• Finance Specialist Sarah Wells commented on the potential challenges of a cashless society, especially during network outages, and suggested ways to reintroduce cash into circulation.

What's your take on this, members? Have you ever faced a similar situation in a store where they only accept cash? Do you think we should maintain a balance between cash and digital transactions? Share your thoughts in the comments below.

This is just one of the reasons I only carry cash.

 

[Ronloby]

Cash is safer than digital. This has been proven repeatedly over the last couple of years. It only takes one blip, and all hell breaks loose. Don't take cash away!

 

[Noraya]

We need a combination of both! We need cashless for all the online shopping, maybe for big shops like furniture or cars (you dont want to carry $30.000 in cash around!), but keep cash to buy coffees, give a tip to the waiter in a restaurant, donate to the person in the street, busker or not, etc. Even to teach our kids/grndkids to understand money. I remember my little son wanting to buy something, and I told him" Sorry, I cant buy you that. I dont have wnough money." "No worries, Mum. Just get a Visa Card and you can buy everything!" (Remember: aFor everything else there's Visa!)

 

[Macarj]

That's why there will always be cash you can't trust Systems

 

[beauravn]

In an unexpected turn of events, a Coles supermarket in Sydney became the unlikely catalyst for a broader conversation about Australia's reliance on digital transactions.

The store, typically bustling with customers, faced an abrupt exodus when a simple, handwritten sign was placed at its entrance.

The Coles store in question, located in Westfield Bondi Junction, experienced a system outage that prevented customers from paying via card transactions.

This led to the display of a handwritten sign stating, 'Cash only, sorry for any [inconvenience].'

The sight of this sign led to a significant number of customers abandoning their shopping and leaving the store, despite the presence of an ATM just a few metres away.

View attachment 39845

Coles shoppers ditch the supermarket due to a ‘cash only’ sign. Image: Facebook

The incident was shared on social media, with one local posting on social media, '"Cash only” at Coles Bondi Junction tonight, as “the system is down”.’

‘A great reminder to everyone of the importance of keeping cash in the economy,’ said the shopper.

The post sparked a flurry of comments, with many expressing concern about Australia's shift towards a cashless society.

One person wrote: 'Imagine if we go to card only and hackers get into the banking systems they could cripple the retail and service industry. We have to keep two systems!'

Meanwhile, a nearby Harris Farm grocery store, which was accepting card payments, was bustling with customers.

Data from the Reserve Bank of Australia (RBA) shows that cash accounted for just 13 per cent of all payments made in 2022, down from 27 per cent in 2019.

Furthermore, more than a billion dollars worth of physical cash has disappeared from circulation in the last financial year.

Finance Specialist Sarah Wells predicts that Australia will effectively be cashless by 2026.

She told a news source: 'We’re very close to a cashless society…We can’t stop it. Our phones and watches are becoming our first choice [for purchases] now. There aren’t as many ATMs around any more, branches are closing down, and some retail shops can’t break money.'

However, the drop in physical cash in the economy could present challenges during network outages, as was the case with the Coles store in Bondi Junction.

Wells suggests that Australians need to change their behaviour and start withdrawing and using cash more frequently to reintroduce the demand.

‘We are in a situation that we have created ourselves,’ she said.

‘The challenges we have with moving towards a more cashless society, or what I call a less cash-dependent society, is if we’ve lost a billion dollars [of physical cash from circulation], so that means that there’s a billion dollars less going into ATMs for us to use,’ she explained.

‘So if we start to have more outages, or we have more challenges, people can go to an ATM, but the cash might not be there.’

Wells added: ‘All we have to do is change our behaviour. If every Australian went out and withdrew $100 a week instead of buying stuff. You know what? We’d end up with more cash in the system, kids will know about cash, stocks will start taking cash.’

‘If we don’t want to live like that, we have to inconvenience ourselves a little bit and change the supply and demand.’

Key Takeaways

• Shoppers were observed leaving a Coles store after noticing a 'cash only' sign due to a system outage preventing card payments.
• The incident took place at the Coles store located in Westfield Bondi Junction and prompted discussions on the significance of cash in the economy.
• Australia is trending towards a cashless society, with cash transactions notably decreasing over recent years.
• Finance Specialist Sarah Wells commented on the potential challenges of a cashless society, especially during network outages, and suggested ways to reintroduce cash into circulation.

What's your take on this, members? Have you ever faced a similar situation in a store where they only accept cash? Do you think we should maintain a balance between cash and digital transactions? Share your thoughts in the comments below.

I think if you remove the option of paying in cash from the system, you risk losing some of the simple things in life. The garage sales, street stalls, community markets, opportunity shops, etc. Yes, I realise that people CAN still pay by 'mating' their phone with somebody elses, but a huge % of the older generation have no concept of that level of tech. Likewise, what about schoolkids? Do they get given their own credit/debit cards? What could possibly go wrong with THAT idea? To counter these losses, I strongly feel that the Federal Government needs to choose a fixed date, say 2050, when our nation formally goes cashless (because it is an inevitability at some time in the future, and 2026 is WAY too early). Then legislate that through parliament. This then allows time for people to adapt and adopt the new tech, and also allows more time for businesses to adapt and adopt safer, more secure tech to protect against hackers and scammers. Basically, setting a fixed date 25 years ahead of time gives plenty of time to prepare and adapt accordingly.

 

[beauravn]

I think if you remove the option of paying in cash from the system, you risk losing some of the simple things in life. The garage sales, street stalls, community markets, opportunity shops, etc. Yes, I realise that people CAN still pay by 'mating' their phone with somebody elses, but a huge % of the older generation have no concept of that level of tech. Likewise, what about schoolkids? Do they get given their own credit/debit cards? What could possibly go wrong with THAT idea? To counter these losses, I strongly feel that the Federal Government needs to choose a fixed date, say 2050, when our nation formally goes cashless (because it is an inevitability at some time in the future, and 2026 is WAY too early). Then legislate that through parliament. This then allows time for people to adapt and adopt the new tech, and also allows more time for businesses to adapt and adopt safer, more secure tech to protect against hackers and scammers. Basically, setting a fixed date 25 years ahead of time gives plenty of time to prepare and adapt accordingly.

 

[Bor!a2911]

In an unexpected turn of events, a Coles supermarket in Sydney became the unlikely catalyst for a broader conversation about Australia's reliance on digital transactions.

The store, typically bustling with customers, faced an abrupt exodus when a simple, handwritten sign was placed at its entrance.

The Coles store in question, located in Westfield Bondi Junction, experienced a system outage that prevented customers from paying via card transactions.

This led to the display of a handwritten sign stating, 'Cash only, sorry for any [inconvenience].'

The sight of this sign led to a significant number of customers abandoning their shopping and leaving the store, despite the presence of an ATM just a few metres away.

View attachment 39845

Coles shoppers ditch the supermarket due to a ‘cash only’ sign. Image: Facebook

The incident was shared on social media, with one local posting on social media, '"Cash only” at Coles Bondi Junction tonight, as “the system is down”.’

‘A great reminder to everyone of the importance of keeping cash in the economy,’ said the shopper.

The post sparked a flurry of comments, with many expressing concern about Australia's shift towards a cashless society.

One person wrote: 'Imagine if we go to card only and hackers get into the banking systems they could cripple the retail and service industry. We have to keep two systems!'

Meanwhile, a nearby Harris Farm grocery store, which was accepting card payments, was bustling with customers.

Data from the Reserve Bank of Australia (RBA) shows that cash accounted for just 13 per cent of all payments made in 2022, down from 27 per cent in 2019.

Furthermore, more than a billion dollars worth of physical cash has disappeared from circulation in the last financial year.

Finance Specialist Sarah Wells predicts that Australia will effectively be cashless by 2026.

She told a news source: 'We’re very close to a cashless society…We can’t stop it. Our phones and watches are becoming our first choice [for purchases] now. There aren’t as many ATMs around any more, branches are closing down, and some retail shops can’t break money.'

However, the drop in physical cash in the economy could present challenges during network outages, as was the case with the Coles store in Bondi Junction.

Wells suggests that Australians need to change their behaviour and start withdrawing and using cash more frequently to reintroduce the demand.

‘We are in a situation that we have created ourselves,’ she said.

‘The challenges we have with moving towards a more cashless society, or what I call a less cash-dependent society, is if we’ve lost a billion dollars [of physical cash from circulation], so that means that there’s a billion dollars less going into ATMs for us to use,’ she explained.

‘So if we start to have more outages, or we have more challenges, people can go to an ATM, but the cash might not be there.’

Wells added: ‘All we have to do is change our behaviour. If every Australian went out and withdrew $100 a week instead of buying stuff. You know what? We’d end up with more cash in the system, kids will know about cash, stocks will start taking cash.’

‘If we don’t want to live like that, we have to inconvenience ourselves a little bit and change the supply and demand.’

Key Takeaways

• Shoppers were observed leaving a Coles store after noticing a 'cash only' sign due to a system outage preventing card payments.
• The incident took place at the Coles store located in Westfield Bondi Junction and prompted discussions on the significance of cash in the economy.
• Australia is trending towards a cashless society, with cash transactions notably decreasing over recent years.
• Finance Specialist Sarah Wells commented on the potential challenges of a cashless society, especially during network outages, and suggested ways to reintroduce cash into circulation.

What's your take on this, members? Have you ever faced a similar situation in a store where they only accept cash? Do you think we should maintain a balance between cash and digital transactions? Share your thoughts in the comments below.

Yesterday I caught a train from Helensvale to Southbank (near Childen's hospital). Was told that I can NOT USE CASH on the Queensland rail system: MUST PAY by card. Similarly for return trip. Utter madness and Total Removal of Choice of how I wish/am able to pay. Government aiding and abetting the financial corporations to Dictate How We Live Our Lives!! Yes, I 'm angry at the Dictating of how we are Told/subjected to live!! Long Live CASH!!

 

[Gazman]

In an unexpected turn of events, a Coles supermarket in Sydney became the unlikely catalyst for a broader conversation about Australia's reliance on digital transactions.

The store, typically bustling with customers, faced an abrupt exodus when a simple, handwritten sign was placed at its entrance.

The Coles store in question, located in Westfield Bondi Junction, experienced a system outage that prevented customers from paying via card transactions.

This led to the display of a handwritten sign stating, 'Cash only, sorry for any [inconvenience].'

The sight of this sign led to a significant number of customers abandoning their shopping and leaving the store, despite the presence of an ATM just a few metres away.

View attachment 39845

Coles shoppers ditch the supermarket due to a ‘cash only’ sign. Image: Facebook

The incident was shared on social media, with one local posting on social media, '"Cash only” at Coles Bondi Junction tonight, as “the system is down”.’

‘A great reminder to everyone of the importance of keeping cash in the economy,’ said the shopper.

The post sparked a flurry of comments, with many expressing concern about Australia's shift towards a cashless society.

One person wrote: 'Imagine if we go to card only and hackers get into the banking systems they could cripple the retail and service industry. We have to keep two systems!'

Meanwhile, a nearby Harris Farm grocery store, which was accepting card payments, was bustling with customers.

Data from the Reserve Bank of Australia (RBA) shows that cash accounted for just 13 per cent of all payments made in 2022, down from 27 per cent in 2019.

Furthermore, more than a billion dollars worth of physical cash has disappeared from circulation in the last financial year.

Finance Specialist Sarah Wells predicts that Australia will effectively be cashless by 2026.

She told a news source: 'We’re very close to a cashless society…We can’t stop it. Our phones and watches are becoming our first choice [for purchases] now. There aren’t as many ATMs around any more, branches are closing down, and some retail shops can’t break money.'

However, the drop in physical cash in the economy could present challenges during network outages, as was the case with the Coles store in Bondi Junction.

Wells suggests that Australians need to change their behaviour and start withdrawing and using cash more frequently to reintroduce the demand.

‘We are in a situation that we have created ourselves,’ she said.

‘The challenges we have with moving towards a more cashless society, or what I call a less cash-dependent society, is if we’ve lost a billion dollars [of physical cash from circulation], so that means that there’s a billion dollars less going into ATMs for us to use,’ she explained.

‘So if we start to have more outages, or we have more challenges, people can go to an ATM, but the cash might not be there.’

Wells added: ‘All we have to do is change our behaviour. If every Australian went out and withdrew $100 a week instead of buying stuff. You know what? We’d end up with more cash in the system, kids will know about cash, stocks will start taking cash.’

‘If we don’t want to live like that, we have to inconvenience ourselves a little bit and change the supply and demand.’

Key Takeaways

• Shoppers were observed leaving a Coles store after noticing a 'cash only' sign due to a system outage preventing card payments.
• The incident took place at the Coles store located in Westfield Bondi Junction and prompted discussions on the significance of cash in the economy.
• Australia is trending towards a cashless society, with cash transactions notably decreasing over recent years.
• Finance Specialist Sarah Wells commented on the potential challenges of a cashless society, especially during network outages, and suggested ways to reintroduce cash into circulation.

What's your take on this, members? Have you ever faced a similar situation in a store where they only accept cash? Do you think we should maintain a balance between cash and digital transactions? Share your thoughts in the comments below.

In an unexpected turn of events, a Coles supermarket in Sydney became the unlikely catalyst for a broader conversation about Australia's reliance on digital transactions.

The store, typically bustling with customers, faced an abrupt exodus when a simple, handwritten sign was placed at its entrance.

The Coles store in question, located in Westfield Bondi Junction, experienced a system outage that prevented customers from paying via card transactions.

This led to the display of a handwritten sign stating, 'Cash only, sorry for any [inconvenience].'

The sight of this sign led to a significant number of customers abandoning their shopping and leaving the store, despite the presence of an ATM just a few metres away.

View attachment 39845

Coles shoppers ditch the supermarket due to a ‘cash only’ sign. Image: Facebook

The incident was shared on social media, with one local posting on social media, '"Cash only” at Coles Bondi Junction tonight, as “the system is down”.’

‘A great reminder to everyone of the importance of keeping cash in the economy,’ said the shopper.

The post sparked a flurry of comments, with many expressing concern about Australia's shift towards a cashless society.

One person wrote: 'Imagine if we go to card only and hackers get into the banking systems they could cripple the retail and service industry. We have to keep two systems!'

Meanwhile, a nearby Harris Farm grocery store, which was accepting card payments, was bustling with customers.

Data from the Reserve Bank of Australia (RBA) shows that cash accounted for just 13 per cent of all payments made in 2022, down from 27 per cent in 2019.

Furthermore, more than a billion dollars worth of physical cash has disappeared from circulation in the last financial year.

Finance Specialist Sarah Wells predicts that Australia will effectively be cashless by 2026.

She told a news source: 'We’re very close to a cashless society…We can’t stop it. Our phones and watches are becoming our first choice [for purchases] now. There aren’t as many ATMs around any more, branches are closing down, and some retail shops can’t break money.'

However, the drop in physical cash in the economy could present challenges during network outages, as was the case with the Coles store in Bondi Junction.

Wells suggests that Australians need to change their behaviour and start withdrawing and using cash more frequently to reintroduce the demand.

‘We are in a situation that we have created ourselves,’ she said.

‘The challenges we have with moving towards a more cashless society, or what I call a less cash-dependent society, is if we’ve lost a billion dollars [of physical cash from circulation], so that means that there’s a billion dollars less going into ATMs for us to use,’ she explained.

‘So if we start to have more outages, or we have more challenges, people can go to an ATM, but the cash might not be there.’

Wells added: ‘All we have to do is change our behaviour. If every Australian went out and withdrew $100 a week instead of buying stuff. You know what? We’d end up with more cash in the system, kids will know about cash, stocks will start taking cash.’

‘If we don’t want to live like that, we have to inconvenience ourselves a little bit and change the supply and demand.’

Key Takeaways

• Shoppers were observed leaving a Coles store after noticing a 'cash only' sign due to a system outage preventing card payments.
• The incident took place at the Coles store located in Westfield Bondi Junction and prompted discussions on the significance of cash in the economy.
• Australia is trending towards a cashless society, with cash transactions notably decreasing over recent years.
• Finance Specialist Sarah Wells commented on the potential challenges of a cashless society, especially during network outages, and suggested ways to reintroduce cash into circulation.

What's your take on this, members? Have you ever faced a similar situation in a store where they only accept cash? Do you think we should maintain a balance between cash and digital transactions? Share your thoughts in the comments below.

If you've ever been in far outback WA and their system is down then cash is a must. What happens is computer systems die?

 

[gollywog]

This is just one of the reasons I only carry cash.

Luckyus, you and me both!!

 

[HelenFJenkins]

In an unexpected turn of events, a Coles supermarket in Sydney became the unlikely catalyst for a broader conversation about Australia's reliance on digital transactions.

The store, typically bustling with customers, faced an abrupt exodus when a simple, handwritten sign was placed at its entrance.

The Coles store in question, located in Westfield Bondi Junction, experienced a system outage that prevented customers from paying via card transactions.

This led to the display of a handwritten sign stating, 'Cash only, sorry for any [inconvenience].'

The sight of this sign led to a significant number of customers abandoning their shopping and leaving the store, despite the presence of an ATM just a few metres away.

View attachment 39845

Coles shoppers ditch the supermarket due to a ‘cash only’ sign. Image: Facebook

The incident was shared on social media, with one local posting on social media, '"Cash only” at Coles Bondi Junction tonight, as “the system is down”.’

‘A great reminder to everyone of the importance of keeping cash in the economy,’ said the shopper.

The post sparked a flurry of comments, with many expressing concern about Australia's shift towards a cashless society.

One person wrote: 'Imagine if we go to card only and hackers get into the banking systems they could cripple the retail and service industry. We have to keep two systems!'

Meanwhile, a nearby Harris Farm grocery store, which was accepting card payments, was bustling with customers.

Data from the Reserve Bank of Australia (RBA) shows that cash accounted for just 13 per cent of all payments made in 2022, down from 27 per cent in 2019.

Furthermore, more than a billion dollars worth of physical cash has disappeared from circulation in the last financial year.

Finance Specialist Sarah Wells predicts that Australia will effectively be cashless by 2026.

She told a news source: 'We’re very close to a cashless society…We can’t stop it. Our phones and watches are becoming our first choice [for purchases] now. There aren’t as many ATMs around any more, branches are closing down, and some retail shops can’t break money.'

However, the drop in physical cash in the economy could present challenges during network outages, as was the case with the Coles store in Bondi Junction.

Wells suggests that Australians need to change their behaviour and start withdrawing and using cash more frequently to reintroduce the demand.

‘We are in a situation that we have created ourselves,’ she said.

‘The challenges we have with moving towards a more cashless society, or what I call a less cash-dependent society, is if we’ve lost a billion dollars [of physical cash from circulation], so that means that there’s a billion dollars less going into ATMs for us to use,’ she explained.

‘So if we start to have more outages, or we have more challenges, people can go to an ATM, but the cash might not be there.’

Wells added: ‘All we have to do is change our behaviour. If every Australian went out and withdrew $100 a week instead of buying stuff. You know what? We’d end up with more cash in the system, kids will know about cash, stocks will start taking cash.’

‘If we don’t want to live like that, we have to inconvenience ourselves a little bit and change the supply and demand.’

Key Takeaways

• Shoppers were observed leaving a Coles store after noticing a 'cash only' sign due to a system outage preventing card payments.
• The incident took place at the Coles store located in Westfield Bondi Junction and prompted discussions on the significance of cash in the economy.
• Australia is trending towards a cashless society, with cash transactions notably decreasing over recent years.
• Finance Specialist Sarah Wells commented on the potential challenges of a cashless society, especially during network outages, and suggested ways to reintroduce cash into circulation.

[/NOTES. ]

What's your take on this, members? Have you ever faced a similar situation in a store where they only accept cash? Do you think we should maintain a balance between cash and digital transactions? Share your thoughts in the comments below.

Key Takeaways

 

[HelenFJenkins]

I think we should all start using cash, otherwise it will give the banks and the government to do away with cash all together. There by giving the hackers easier access to all our accounts and information
It is important to try and pay with cash as often as possible

 

[gollywog]

Cash is safer than digital. This has been proven repeatedly over the last couple of years. It only takes one blip, and all hell breaks loose. Don't take cash away!

Ronloby, I'm with you! I also think there needs to be two systems, so people have the choice! This article is only one of many that shows that we need to keep cash!

 

[gollywog]

We need a combination of both! We need cashless for all the online shopping, maybe for big shops like furniture or cars (you dont want to carry $30.000 in cash around!), but keep cash to buy coffees, give a tip to the waiter in a restaurant, donate to the person in the street, busker or not, etc. Even to teach our kids/grndkids to understand money. I remember my little son wanting to buy something, and I told him" Sorry, I cant buy you that. I dont have wnough money." "No worries, Mum. Just get a Visa Card and you can buy everything!" (Remember: aFor everything else there's Visa!)

Noraya, I totally agree with you, a combination of both is very much needed!

 

[gollywog]

That's why there will always be cash you can't trust Systems

Fingers crossed!!

 

[gollywog]

I think we should all start using cash, otherwise it will give the banks and the government to do away with cash all together. There by giving the hackers easier access to all our accounts and information
It is important to try and pay with cash as often as possible

HelenFJenkins, I agree with you! If I can't use cash somewhere.....I walk away!!