As the COVID-19 pandemic continues to change the way we live our lives, one of the most noticeable changes has been the way we pay for goods and services.

With the risk of spreading the virus through touching objects, businesses and consumers have been increasingly opting for cashless payment solutions like tap and go card payments, digital wallets, and in-app payments.

But can businesses legally refuse to accept cash as a form of payment?

The answer is yes – but there are some caveats.

Under the Currency Act 1965 (Cth) and the Reserve Bank Act 1959 (Cth), businesses are allowed to refuse cash as long as they inform consumers of their stance before any contract for the supply of goods or services is entered into.

However, the Reserve Bank of Australia has said that businesses that refuse to accept cash in payment of an existing debt where no other form of payment has been stipulated prior could face legal implications.

So, while businesses are legally allowed to refuse cash, they need to be upfront about it before any transaction takes place.

Businesses are legally allowed to refuse cash payments but with certain caveats. Credit: iStock.​

The cost of cash transactions in businesses

RBA Governor Philip Lowe sent a strong message to businesses across Australia at the November 2018 Australian Payments Summit: cash is becoming a niche payment method, and transaction costs are only going to increase.

As more and more people move to digital payment methods, the hidden costs of cash transactions – like manual handling, fraud mitigation, and installing CCTV cameras – will only become more apparent. Businesses need to be prepared for this shift, or they'll be left behind.

“It is now easier than it has been to conceive of a world in which banknotes are used for relatively few payments; that cash becomes a niche payment instrument,” Mr Lowe said in a speech during the November 2018 Australian Payments Summit.

Australia to go cashless?

The Commonwealth Bank of Australia predicted that the country could go cashless by 2026.

That's right, according to the CBA the use of cash is steadily declining, with statistics showing that cash transactions have dropped from 69 per cent in 2007, to 47 per cent in 2013, and 37 per cent in 2016.

The country is poised to go cashless by 2026, according to the Commonwealth Bank of Australia. Credit: iStock.​

But what does this mean for the future?

There are pros and cons to a cashless society. On the one hand, it could mean less crime and more convenience. But on the other hand, it could also lead to increased risks of isolation, exploitation, debt and rising costs.

So, what do you think? Should Australia go cashless? Let us know in the comments!

 

[Margarcher]

Are businesses allowed to refuse cash? You won't believe what we found out!​

As the COVID-19 pandemic continues to change the way we live our lives, one of the most noticeable changes has been the way we pay for goods and services.

With the risk of spreading the virus through touching objects, businesses and consumers have been increasingly opting for cashless payment solutions like tap and go card payments, digital wallets, and in-app payments.

But can businesses legally refuse to accept cash as a form of payment?

The answer is yes – but there are some caveats.

Under the Currency Act 1965 (Cth) and the Reserve Bank Act 1959 (Cth), businesses are allowed to refuse cash as long as they inform consumers of their stance before any contract for the supply of goods or services is entered into.

However, the Reserve Bank of Australia has said that businesses that refuse to accept cash in payment of an existing debt where no other form of payment has been stipulated prior could face legal implications.

So, while businesses are legally allowed to refuse cash, they need to be upfront about it before any transaction takes place.

Businesses are legally allowed to refuse cash payments but with certain caveats. Credit: iStock.​

The cost of cash transactions in businesses

RBA Governor Philip Lowe sent a strong message to businesses across Australia at the November 2018 Australian Payments Summit: cash is becoming a niche payment method, and transaction costs are only going to increase.

As more and more people move to digital payment methods, the hidden costs of cash transactions – like manual handling, fraud mitigation, and installing CCTV cameras – will only become more apparent. Businesses need to be prepared for this shift, or they'll be left behind.

“It is now easier than it has been to conceive of a world in which banknotes are used for relatively few payments; that cash becomes a niche payment instrument,” Mr Lowe said in a speech during the November 2018 Australian Payments Summit.

Australia to go cashless?

The Commonwealth Bank of Australia predicted that the country could go cashless by 2026.

That's right, according to the CBA the use of cash is steadily declining, with statistics showing that cash transactions have dropped from 69 per cent in 2007, to 47 per cent in 2013, and 37 per cent in 2016.

The country is poised to go cashless by 2026, according to the Commonwealth Bank of Australia. Credit: iStock.​

But what does this mean for the future?

There are pros and cons to a cashless society. On the one hand, it could mean less crime and more convenience. But on the other hand, it could also lead to increased risks of isolation, exploitation, debt and rising costs.

So, what do you think? Should Australia go cashless? Let us know in the comments!

No, a lot of the older people use cash still, myself use both

 

[Ricci]

I haven't used cash in any meaningful way for many years now. However I don't keep my cards on my phone as I'm too scared of being hacked. Everything I buy is done on a credit card and then once a month I pay it off in full using internet banking to make the transfer. I only have internet banking on my home laptop, not on my phone.

 

[terri]

It is nice to have a little cash in the old wallet. It is a throw back to better times I guess. But I do most of my transactions through a card. I only have two so there is no confusion on my part, banking wise at least. But the worry these days is the scammers. Hard to know what is the safest.

 

[Catbana]

Went to buy a charity sausage sizzle outside Bunnings a few days ago only to see a "No Cash" sign. They couldn't accept debit card, only the phone app. I don't use my phone only my home computer for banking so I missed out and so did they, that is how they raise funds to be able to support their work. Where will fund raising have to go if things go cashless.

 

[MIZMAC]

Went to buy a charity sausage sizzle outside Bunnings a few days ago only to see a "No Cash" sign. They couldn't accept debit card, only the phone app. I don't use my phone only my home computer for banking so I missed out and so did they, that is how they raise funds to be able to support their work. Where will fund raising have to go if things go cashless.

Many charities will be affected if we go cashless. VIEW Clubs do most of their fund raising for disadvantaged children with small cash donations. They support over1500 students in this way. There are plenty more worthwhile charities work the same way Bunnings sausage sizzles a perfect example.

 

[JustPat]

I am in the same boat as Ricci internet banking is only on my PC and I pay of the credit card once a month so no interest is paid. Don't have banking or even facebook on my phone only use to receive and make calls or to receive or make text messages.

 

[margaretritchie48@hotmail]

Are businesses allowed to refuse cash? You won't believe what we found out!​

As the COVID-19 pandemic continues to change the way we live our lives, one of the most noticeable changes has been the way we pay for goods and services.

With the risk of spreading the virus through touching objects, businesses and consumers have been increasingly opting for cashless payment solutions like tap and go card payments, digital wallets, and in-app payments.

But can businesses legally refuse to accept cash as a form of payment?

The answer is yes – but there are some caveats.

Under the Currency Act 1965 (Cth) and the Reserve Bank Act 1959 (Cth), businesses are allowed to refuse cash as long as they inform consumers of their stance before any contract for the supply of goods or services is entered into.

However, the Reserve Bank of Australia has said that businesses that refuse to accept cash in payment of an existing debt where no other form of payment has been stipulated prior could face legal implications.

So, while businesses are legally allowed to refuse cash, they need to be upfront about it before any transaction takes place.

Businesses are legally allowed to refuse cash payments but with certain caveats. Credit: iStock.​

The cost of cash transactions in businesses

RBA Governor Philip Lowe sent a strong message to businesses across Australia at the November 2018 Australian Payments Summit: cash is becoming a niche payment method, and transaction costs are only going to increase.

As more and more people move to digital payment methods, the hidden costs of cash transactions – like manual handling, fraud mitigation, and installing CCTV cameras – will only become more apparent. Businesses need to be prepared for this shift, or they'll be left behind.

“It is now easier than it has been to conceive of a world in which banknotes are used for relatively few payments; that cash becomes a niche payment instrument,” Mr Lowe said in a speech during the November 2018 Australian Payments Summit.

Australia to go cashless?

The Commonwealth Bank of Australia predicted that the country could go cashless by 2026.

That's right, according to the CBA the use of cash is steadily declining, with statistics showing that cash transactions have dropped from 69 per cent in 2007, to 47 per cent in 2013, and 37 per cent in 2016.

The country is poised to go cashless by 2026, according to the Commonwealth Bank of Australia. Credit: iStock.​

But what does this mean for the future?

There are pros and cons to a cashless society. On the one hand, it could mean less crime and more convenience. But on the other hand, it could also lead to increased risks of isolation, exploitation, debt and rising costs.

So, what do you think? Should Australia go cashless? Let us know in the comments!

SOME PLACES CHARGE YOU WHEN PAYING BY CARD. WHEN CASH GOES WE WILL ALL BE CHARGED A FEE WHEN PAYING BY CARD?? THIS IS NO FAIR

 

[Joyce]

Cash is still legal tender,

 

[Breni]

Are businesses allowed to refuse cash? You won't believe what we found out!​

As the COVID-19 pandemic continues to change the way we live our lives, one of the most noticeable changes has been the way we pay for goods and services.

With the risk of spreading the virus through touching objects, businesses and consumers have been increasingly opting for cashless payment solutions like tap and go card payments, digital wallets, and in-app payments.

But can businesses legally refuse to accept cash as a form of payment?

The answer is yes – but there are some caveats.

Under the Currency Act 1965 (Cth) and the Reserve Bank Act 1959 (Cth), businesses are allowed to refuse cash as long as they inform consumers of their stance before any contract for the supply of goods or services is entered into.

However, the Reserve Bank of Australia has said that businesses that refuse to accept cash in payment of an existing debt where no other form of payment has been stipulated prior could face legal implications.

So, while businesses are legally allowed to refuse cash, they need to be upfront about it before any transaction takes place.

Businesses are legally allowed to refuse cash payments but with certain caveats. Credit: iStock.​

The cost of cash transactions in businesses

RBA Governor Philip Lowe sent a strong message to businesses across Australia at the November 2018 Australian Payments Summit: cash is becoming a niche payment method, and transaction costs are only going to increase.

As more and more people move to digital payment methods, the hidden costs of cash transactions – like manual handling, fraud mitigation, and installing CCTV cameras – will only become more apparent. Businesses need to be prepared for this shift, or they'll be left behind.

“It is now easier than it has been to conceive of a world in which banknotes are used for relatively few payments; that cash becomes a niche payment instrument,” Mr Lowe said in a speech during the November 2018 Australian Payments Summit.

Australia to go cashless?

The Commonwealth Bank of Australia predicted that the country could go cashless by 2026.

That's right, according to the CBA the use of cash is steadily declining, with statistics showing that cash transactions have dropped from 69 per cent in 2007, to 47 per cent in 2013, and 37 per cent in 2016.

The country is poised to go cashless by 2026, according to the Commonwealth Bank of Australia. Credit: iStock.​

But what does this mean for the future?

There are pros and cons to a cashless society. On the one hand, it could mean less crime and more convenience. But on the other hand, it could also lead to increased risks of isolation, exploitation, debt and rising costs.

So, what do you think? Should Australia go cashless? Let us know in the comments!

No definitely not cashless society means more control

 

[Defiant540]

SOME PLACES CHARGE YOU WHEN PAYING BY CARD. WHEN CASH GOES WE WILL ALL BE CHARGED A FEE WHEN PAYING BY CARD?? THIS IS NO FAIR

no need to shout! we get it!