CBA reports significant cash withdrawal decline and rising digital payments, predicting a cashless transformation in 10-20 years.

Australia's largest bank, CBA, indicates a shift towards a cashless economy, with customers withdrawing 51% less cash from ATMs than in 2019 and 85% more digital payments than five years ago. Airwallex CEO Jack Zhang predicts the cashless transformation will occur within the next 10 to 20 years. Despite this trend, cash will still be available for those who need it, as CBA is committed to providing access. However, concerns remain about the impact on vulnerable Australians and the vulnerability of businesses and consumers in case of a mass outage.

August 24, 2024
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