Australia to Safeguard Cash Payments as Digital Shift Grows
- Businesses selling essential items will need to accept cash
- Treasurer says there’ll be some exceptions for small business
Australia’s Treasurer Jim Chalmers said the number of businesses accepting cash has shrunk.
Photographer: Brent Lewin/BloombergThis article is for subscribers only.
Australia will mandate businesses selling essential items such as groceries and fuel to accept cash payments, joining countries from Spain to Denmark amid the growth in more preferable digital payment methods.
Treasurer Jim Chalmers said while around 1.5 million Australians still use cash for more than 80% of their in-person payments, the number of businesses accepting them has shrunk. The changes were designed to ensure “people aren’t left behind,” he said while outlining the government’s plan on Monday.