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Is cash dead in Australia? (nord.pub)
submitted 2 months ago by to c/australia@aussie.zone
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I mean, since the last time I've visited: it seems like no one ever carries it. I prefer it because CC charge additional fees (which end up making the item cost more) I have a small rant about that: STOP RIPPING OFF PEOPLE WITH THOSE SURCHARGES?! (It should be 0 rather than 1%) as it may seem trivial, they add up overtime. Are stores allowed to refuse cash payments outright despite them being legal tender?

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[–] 4 points 2 months ago (1 child)

Yes, by carrying cash things might be 1% cheaper, but most people are happy to pay an extra 1% for the convenience of not carrying cash.

Many stores agree. In the U.S., there's a debate about whether cities should require private businesses to accept cash, and the only reason why it's a debate is because some stores are going cashless already. It saves them the labor of counting cash and depositing it at a bank, and it reduces the risk of mistakes, lost/misplaced money, theft/robbery, etc.

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  • [–] 2 points 2 months ago

    The metadata of being able to associate a transaction with an individual is much more valuable.

    A business dealing with Cash is a legal liability because a transaction cannot be associated with an individual, especially if it technology.

    Burner phones aren’t a thing in Australia. A lot of car dealers refuse to take cash payments due to laundering; it is legally safer for them to illegally reject cash than for them to get embroiled in more serious illegal activity.

    Counterfeiting is also a concern as technology enables higher quality fake currency.

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