Australian bank stops handling cash at the counter in some branches
The Australia and New Zealand Banking Group has stopped handling cash over the counter at some branches.
"There are a small number of branches where we no longer handle cash at a counter," a bank spokesperson told."At these branches, cash and cheque deposits and cash withdrawals can continue to be made by using our Smart ATM and coin deposit machines, and we have staff on hand to help customers that might be using them for the first time."in a March 2023 study titled:"The use of cash for day-to-day transactions has been in trend decline in Australia since the mid-2000s.
"The use of ATMs has been declining since 2008, with the number and value of ATM withdrawals falling by about 60 per cent and 40 per cent, respectively," the document adds."This decline was previously occurring at a steady pace, but cash withdrawals fell dramatically during the COVID-19 pandemic and have only partially recovered.
And before you mention it, most of Australia was not locked down due to COVID 19 in February 2021, and plague time ATM use plummeted to 21 million withdrawals a month. The Reserve Bank has helped things along by creating the New Payment System, which allows real-time peer-to-peer payments using mobile phone numbers or email addresses as identifiers of bank accounts.
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