[A bank worth hundreds of billions of yuan suddenly stopped all cash transactions and shifted to a purely digital era]
Australia's Macquarie Bank, which has more than $250 billion in assets, has decided to completely terminate cash transactions by the end of 2024 and switch to digital operations.
The bank said: "From January 2024, we will phase out all Macquarie Bank and Wealth Management cash and check services, including superannuation and super accounts. By November 2024, cash and check services will be completely discontinued , replaced by safe, fast and convenient digital payment methods.”*
Customers who currently use NAB to deposit and withdraw cash will no longer be able to use the service in November. Cash withdrawals by Macquarie Bank customers will then be limited to the bank's ATMs, with a daily limit of A$2,000.
While other banks such as ANZ and Commonwealth Bank are considering similar strategies, Macquarie is the first to fully implement it.
According to a report by the Reserve Bank of Australia, the use of cash payments has declined year by year, but it is still vital to some people. The central bank survey noted that cash payments accounted for 27% of in-person transactions in 2021, compared with 23% in 2020.