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.

 

[Gazman]

I usually carry both

Luckyus, you and me both!!

!

 

[Jarred Santos]

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

Can't argue with this one, @Giannidifirenze Had a good laugh!

 

[Jarred Santos]

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!)

I hope whoever coined that line gets a raise What a cheeky boy, too!

 

[Tootie]

I totally refuse to use digital payment! We need to keep cash as a way of paying for goods and services. All the ppl using phones and watches to pay for purchases. "Oh, look at me - I'm using digital technology!" Do they ever stop to think their financial details in those devices can be skimmed/hacked?! Elderly either don't have devices or are not tech savvy, so cash is the only way for them. So, let it be a payment method for EVERYONE!

 

[Veggiepatch]

Mummy! Look what the Tooth Fairy left me for my front tooth. A $400 Visa Card!

Grandma! I just found a Mastercard in the Christmas Pudding. Lucky I didn't swallow it!

H.G. Wells - "The Shape Of Things To Come".

 

[Veggiepatch]

Just think of all the street beggars in Dandenong....

"Hey mate....can you spare me a credit card or two?"

 

[Colette 3799]

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.

I agree, we still need some cash. I usually pay for things using my phone or a card but as I have mentioned before, I pay my two little neighbours $1 each to put out and bring in the bins. They love getting their wages and they put their dollar in the money boxes we bought them for Christmas. It will take all the joy out of earning pocket money for the kids.

 

[Phantom55]

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.

they are trying to do it too fast ,slow and steady will slowly become accepted and used more frequently with better understanding and confidence, and it may well be a better system if people get behind it, the main problem is they want to do it too fast and people lose confidence.the worst part is that we lose a fee for each transaction,which adds up,(it may be pennies now...but dollars follow in time)

 

[IAN3005]

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

Spot on...... forever and never to return...... I hope....

 

[MariaG]

Well, they have referendums all the time.
Some of them have been of little use to Mr/Mrs average.
The people MUST decide.
What does a cashless society mean to me?
It is not ethical. It is STUPID. It is open to manipulation. It only takes a VIRUS to make it more popular. It won't work if the computers are down because they also have been struck with a VIRUS. It will make the Piggy Bank an endangered species.
Too many cons, not enough pros.

 

[kevinwoodtufftyke52@gmail]

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.

The physical disappearance of a billion dollars can be attributed to the banks closing branches and atm's where customers are now holding more cash at home.

 

[kevinwoodtufftyke52@gmail]

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.

You won't stop hackers.

 

[Lizzylou]

I use a combination of both, however I prefer to use cash, I often see that the cashiers reach for the little machine assuming you are going to use your card and are ALWAYS surprised when I hand them cash. Even in Coles and Woolies they just assume you are going to use your card and set up the machine for you to use. Keep people on their toes that is what I suggest. Don't give up cash completely.

 

[NotNats]

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 also walked out of shops when they state "CARD ONLY"

 

[Annna]

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.

It's the banks, trust me I worked for one of the big for banksb over three decades.

The changes started around 1980.

They've been subtle but have complied with the ultimate aim of a cashless society.

 

[Annna]

I've also walked out of shops when they state "CARD ONLY"

Me too, because when they won't take cash, you can't buy if you're a cash carrier.

It's not that it is impossible. It is that they won't let you.

But if or rather when the country goes cashless, IT WILL BE IMPOSSIBLE DURING DOWN TIMES.