Some Aussies say the Optus outage highlights that “cash is king”.
·Finance Reporter
Wed, 8 November 2023 at 1:31 pm AEST·5-min read
As the fallout from the Optus outage continues, frustrated Aussies have warned the situation is proof Australia will be “doomed” if it becomes a cashless society.
Businesses across the country were brought to a halt due to the major outage, with those relying on the Optus network unable to use their EFTPOS machines and forced to revert to cash-only payments.
The debate has raged in Australia recently about whether we as a nation should be protecting our right to cash, with some businesses like a NSW KFC ditching it, and big banks upping fees and revealing the huge financial toll of cash management as they defend moving away from the form of payment.
But today proved that many Australians were simply not ready to go cashless, strengthening arguments it would take a methodical approach and serious consultation before it could become a reality.
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People were left in the lurch when arriving at stores who had plastered signs that they would not be able to take card payments.
“The #Optus outage this morning is exactly why we cannot go cashless. When the phone’s are down, how are people going to pay for stuff?” one person said.
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“Imagine having cashless [sic] in our country and having no internet access due to outage, we’re doomed,” another wrote.
“This Optus outage is proof that we are simply nowhere near ready for a cashless society. One major communications company going down, and half the country can’t pay or process payments without cash,” another said.
Cash the ‘only reliable payment system’
Coles shopper rages at move towards cashless checkouts: ‘Against our will’
Is the future of shopping purely digital?
1 November 2023·5-min read
Campaigners have called on the federal government to step in to protect cash as an Aussie customer shared his fears for the future of cashless shopping at Coles.
Sydney DJ and music producer Tom Budin recently filmed inside his local Coles, where seven out of nine self-service checkouts were marked “card only”.
“Only two machines left that accept cash and, mark my words, these machines, in my opinion, will be gone by the end of the year,” he said pointing toward the cash tills.
“What a world we live in, ladies and gentlemen.”
FIND OUT MORE: Cashless Australia – here’s what you need to know
Move away from cash branded ‘big mistake’
Speaking to Yahoo Finance, the coordinator of Cash Welcome — a grassroots campaign to protect the right of consumers to use and access cash — said the supermarket giant was making a “big mistake”.
“I think everyone has noticed a reduction in checkout terminals that accept cash at Coles,” Jason Bryce said.
“In many Coles stores, staff ask: ‘Are you paying cash or card?’. The cash people always have to wait. The card people always skip to the front.
“This is a big mistake by Coles. Coles is literally pushing us cashless, against our will. People want to be able to choose. This is food and groceries we are talking about. Australians need the government to step in, like the UK, France and parts of the USA have done, and protect cash.”
Coles and Woolworths profit: Sad reason behind supermarket giants’ success
As Aussies pull back on spending, the supermarket duopoly benefit – but there is a light at the end of the tunnel.
·Head of Yahoo Finance Australia
27 October 2023·3-min read
Coles and Woolworths have both recorded multi-billion dollar profits, and one of the key factors is rather depressing. While the cost of fresh food has dropped across the board, we’re buying more of it because we can’t afford to eat out as much with friends and family.
Coles has posted a $9.2bn first quarter sales revenue, an increase of 4.7 per cent on the same period last year. While major rival Woolworths posted their own results, showing a $12.96bn in food retail sales, an increase of 6.1 per cent.
Australian households are feeling extreme pressure as the cost of energy rises, a housing shortage puts pressure on the rental market and everyday necessities like petrol continue to climb. This is pushing inflation up, and the trickle down effect is that Aussies simply can’t afford to eat out.
Have you got a story to tell? Contact belinda.grantgeary@yahooinc.com
Coles, Woolies cash in on takeaway troubles
“Aussies are trying to scrimp and save wherever possible but the money we’re not spending on going out or takeaway food usually just funnels back to the supermarkets,” financial expert David Koch told Yahoo Finance.
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