Opinion: There’s been a 5 per cent drop in retailers accepting cash since February 2020 and most of us don’t use it anyway, but don’t abandon notes and coins just yet, writes JennaPrice
In the queue at my second favourite bakery. The sign on the counter says, “No Cash Accepted” but the guy at the head of the queue is losing his mind loudly. Shouts legal tender. Global elites. Surveillance. The young woman behind the counter remains calm. I’m always in a hurry but trying not to add instant yeast to flour.
Heads up: if a retailer has a sign saying it doesn’t take cash, that’s legal. There are tiny flares of insurrection in shops across the country, but mostly we are happy tappers.. There’s been a 5 per cent drop in retailers accepting cash since February 2020 and most of us don’t use it anyway. Only one in four transactions in person is with cash.
University of Melbourne emeritus professor of finance Kevin Davis peers into the future and tells me the Reserve Bank of Australia is trialling a digital currency, which would remove the need for cash. We would all happily have digital wallets. Except for the bloke ahead of me in the queue who apparently thinks his every movement is tracked by sinister forces. He should be grateful – at least the bakery knows how many rolls to bake before he even steps in the shop.
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