I saw on the news that the government will legislate such that some businesses will not have to accept cash in the future.

They may not be ‘essential’ services but, like many things, I worry that it is just the start of a move to dispense with cash. I think the article says that small businesses may be exempt and would not have to accept cash. That might have an impact on some of our Companions in the Territory. But I am not aware of any research in the NT on what the impact could be.

I believe cashless transactions are in the interest of financial institutions but not in the interest of all consumers. I also understand that not having cash might reduce costs for businesses and also risks around robbery.

I don’t know if there is any research in Australia to support my concerns that a cashless world is a risk to people who might be vulnerable or not financially literate. What I think about is that having cash physically and visibly move through your hands enables a person to better understand the implications of purchases. Spending is ‘invisible’ in a cashless society, and so perhaps the chances of spending more are higher, and budgeting can be more difficult.

Low-income individuals and people with limited financial literacy may not have access to banking services or digital payment methods. This can lead to their exclusion from services and transactions that require cashless payments.

Those who rely on cash may face higher costs when forced to use digital payment methods. For example, they might incur fees for maintaining bank accounts or face penalties for withdrawing more than their balance.

People with low financial literacy may be more susceptible to online scams as well as high-interest loans, which can exacerbate their financial difficulties.

Could cashless transactions lead to increased monitoring and data collection, which might be a privacy concern? Additionally, the risk of cyberattacks and fraud can be higher for those who are not across digital security.

The constant monitoring and management of digital transactions can contribute to stress and anxiety, particularly for those who are not comfortable with technology. Or there may be no monitoring at all by an account holder as banks encourage customers to move to online statements and online service provision that require access to computers. So maybe all that makes keeping track too hard for some people.

I don’t know if financial institutions are lobbying government for the removal of cash, but if there is research to suggest it would be an issue, should we advocate for our Companions who might be disadvantaged, or keep a watch on what is happening?