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The Fin
The death of cash & the company caught in the middle
Apr 17, 2024
Senior reporter James Eyers delves into the high-stakes negotiations surrounding Armaguard's financial future, the shift from cash to digital payments, Coles' cash hoarding amidst Armaguard's struggles, and the debate on the future of cash in a digital era.
29:47
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Quick takeaways
- Cash decline driven by digital payments & challenges for Armagard
- Debates on cash as infrastructure highlight need for backup in emergencies
Deep dives
The Decline of Cash Usage in Australia
Cash usage in Australia has significantly decreased over the years, with cash being used for only 11% of payments currently, down from three quarters in the early 2000s. Various factors such as the rise of digital payments, tap-and-go technology, and smartphone payment options have accelerated this decline. Armagard, the leading cash handling company, faces financial challenges due to the reduced use of cash, prompting discussions about its future and who should bear the financial burden.
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Discover
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