Major Australian Bank Seeks To END Cash Withdrawals From Branches

30/03/2023

Australia is now a step closer to a central bank digital currency.

Australia's second-largest bank ANZ has confirmed it will end cash withdrawals from some of its branches sparking controversies with disabled or elderly customers. People who use ANZ will now be redirected to ATMs to withdraw cash instead of using the bank branches although more and more ATMs are being removed across the country in an attempt to go digital.

According to MailOnline, "the number of bank branches in Australia has fallen by about 30 per cent in the last five years, a trend that has been mirrored across the world.

And ATMs have decreased even more, with figures showing that they have fallen from a high of 14,000 in 2017 to around 6,000 as of last year. On Wednesday, it was revealed that cash transactions are dying in Australia with just 13 percent of purchases now using banknotes or coins. Tap-and-go cards, mobile payments and direct online transfers make up the rest of all transactions, with the share of cash purchases halving in just three years."

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