Choice says cash is still king for consumers
Consumer group reveals the pros of cash payments.
A new survey of over 12,000 CHOICE supporters has found that over 97 per cent feel it's important that businesses selling essential goods and services should be required to accept cash.
The survey also found:
- 83 per cent of survey respondents said they had periodically used cash over the past year to pay for goods or services
- 97 per cent of respondents who live in country or remote areas said having fewer places or ways to access cash in their local community in future would have some impact on them
- 83 per cent of respondents who live in country or remote areas said if accessing cash in their local community in future was only possible with a small fee, this would have a moderate, significant or big impact on them
"Ensuring on-going access to cash is an issue that urgently needs addressing, with our survey showing that 83% of respondents still use cash for essential goods and services sometimes, usually or always. Cash must be accessible, accepted by businesses selling essentials, and consumers should be able to pay with cash without any surcharges," CHOICE head of policy, Tom Abourizk, said.
"Our survey found that cash accessibility and acceptance are particularly important for communities outside of cities. 97 per cent of respondents living in country or remote areas reported that having fewer places to access cash would have some impact on them. Many of these communities have already been hit with multiple bank branch and ATM closures," Abourizk said.
CHOICE has made a submission to the Federal Government's consultation on mandating cash acceptance. CHOICE's key recommendations are:
- The government should take steps to ensure that consumers retain reasonable, free access to cash.This may require improving current cash accessibility in some areas of Australia.
- Require businesses selling essentials to accept cash, and ensure that these rules are designed to deliver solutions for regional communities.
- Ensure using cash is free by banning any surcharges on paying with cash.
Date Published:
18 March 2025