A new survey by financial platform Money has shown that Australians still want the option to use cash despite the growing popularity of digital payments.
Of the 1000 Australians surveyed, 68 per cent believe all businesses should be required to accept cash. An additional 14 per cent want essential services such as supermarkets and pharmacies to continue offering the option.
“Australians are using less cash overall, but they still believe businesses should be required to accept it. Cash remains the most reliable payment method – when the internet is down, the power is out, or there’s a tech glitch, it’s often the only way to pay,“ said Money’s finance expert, Sean Callery.
“It’s also the only way to dodge debit and credit card surcharges – the most hated fee among Aussies, with 39 per cent ranking it above even ATM withdrawal charges (14 per cent).”
According to the survey, support for mandatory cash acceptance is strongest among older Australians, with 83 per cent of baby boomers supporting requiring all businesses to accept cash, followed by 71 per cent of Gen X. Support falls among younger groups, with 57 per cent of Millennials and just 49 per cent of Gen Z agreeing with the idea.
In addition, the federal government has announced plans to mandate cash acceptance for essential services in response to growing public concerns about declining acceptance of cash. Some small businesses will be exempt.
