Have you noticed that it’s getting harder to find self-serve checkouts that accept cash at your local supermarket? You’re not alone.
As it turns out, many supermarkets are slowly phasing out cash payment options, leaving customers who prefer to pay with cash queuing up for longer periods.
The Great Cash Drought: A Look at the Numbers
A recent survey found that many self-serve checkouts at popular supermarkets like Coles, Woolworths, and Aldi no longer accept cash.
At one Coles store, only three out of eight self-serve checkouts in the larger section accepted cash, while a whopping 14 were card-only.
The situation wasn’t much better at Woolworths, where only three out of 10 self-serve checkouts accepted cash. And at Aldi?
Forget about it – all six self-serve checkouts were card-only.
The Cash Conundrum: Why Supermarkets are Going Cashless
So, why are supermarkets abandoning cash payment options? According to Jason Bryce, who runs the Australian cash advocacy group Cash Welcome, it’s a matter of convenience and cost.
“Supermarkets that don’t support cash are discriminating against cash users, which is millions of Australians,” he said.
“We can’t avoid the supermarket chains, so they must support our legal tender.”
The Banks and Supermarkets: What They Have to Say
Coles and Woolworths claim they still value cash as a payment method, but the numbers tell a different story.
Coles says they have no plans to remove cash self-service options, while Woolworths has introduced new signage to help customers identify which checkouts accept cash.
Aldi, on the other hand, says their decision to go cashless is all about “maximising efficiencies” and keeping costs low.
The Expert Weighs In: Why Cash is on the Way Out
According to Today Money Expert Joel Gibson, cash is the most expensive form of payment for businesses, which is why many are moving away from it.
“Even if that means inconveniencing some of their customers, they’re all moving increasingly away from cash, whether we like it or not,” he said.
Gibson also points out that businesses are not legally required to accept cash, which is why some have already gone completely cashless.
The Dark Side of a Cashless Society
While a cashless society may be more efficient, it also has its downsides. For one, customers tend to spend more consciously when they use cash, which means they’re less likely to overspend.
As Gibson notes, “It’s easier to stay on top of your spending when you’re spending cash.”
So, what does the future hold for cash payment options? Only time will tell, but one thing’s for sure – the way we pay for our groceries is changing, and fast.