ANZ announced in 2019 that it would no longer accept cash deposits at certain branches, as it sought to encourage customers to use digital banking options. The bank’s CEO, Shayne Elliott, explained that the move was part of a broader strategy to move away from physical transactions and towards digital payments.
In a statement, ANZ said that the decision to stop handling cash at some of its branches was based on customer preferences, as more customers were choosing to use digital payment options. The bank emphasized that it was not eliminating cash altogether and that customers could still withdraw cash from ATMs or over-the-counter at other branches.
ANZ’s decision to stop handling cash at some branches is reflective of a broader trend towards digital payments and cashless transactions, which has been accelerated by the COVID-19 pandemic. As more customers become comfortable with using digital payment options, banks are looking to reduce their reliance on cash and shift towards digital channels.
This has lead many industry experts to speculate that this shift towards digital payments could have implications for the potential introduction of a central bank digital currency (CBDC) in Australia. As more financial transactions move towards digital channels, the demand for a CBDC may increase, and the central bank may be more likely to consider issuing one.
