Overview:
An expert says that while digital payments are more prevalent they may not suit everyone.
Most Australians believe businesses should be required to accept cash, despite the growing use of digital payments, according to a recent survey by Money.com.au.
The nationwide survey of 1,000 respondents found that 68 per cent, equivalent to around 14.8 million Australians, support mandating cash acceptance across all businesses.
An additional 14 percent think essential services like supermarkets, pharmacies, and petrol stations should keep accepting cash payments. Meanwhile, only 13 percent of respondents said businesses should have the freedom to choose whether or not to accept cash, and 5 percent favour a fully cashless policy.
Sean Callery, Finance Expert at Money.com.au, noted that despite declining use, cash remains a vital payment option for many.
“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 Callery.
“It’s also the only way to dodge debit and credit card surcharges — the most hated fee among Aussies, with 39 percent ranking it above even ATM withdrawal charges (14 per cent).”
The survey also indicated generational differences in attitudes toward cash. Boomers showed the strongest support for mandatory cash acceptance (83 percent), followed by Gen X (71 percent), Millennials (57 percent), and Gen Z (49 percent).
Conversely, younger Australians are more inclined to support giving businesses the choice to accept or reject cash, with 25 percent of Gen Z and 15 percent of Millennials preferring that approach.
According to Callery, while digital payments might be more prevalent, they may not work for everyone.
“Whether it’s due to age, accessibility, or just personal preference, cash still plays an essential role in the way many Australians pay for goods and services. Keeping cash may be more about ensuring fairness by preserving payment freedom for everyone,” said Callery.
In response to public opinion, the Government plans to mandate cash acceptance for essential purchases such as groceries, fuel, and medicines starting in 2026, with some exemptions for small businesses. A consultation paper has been published to hear what consumers think about the planned changes.