KFC outlet in New South Wales ditches cash payments and sparks online debate about Australia’s cashless future
Several KFC outlets in New South Wales have officially eliminated cash as a payment method as Australia’s rapid transition to a cashless society continues.
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| A sign outside the KFC outlet in Morriset, NSW, telling customers the restaurant is cashless. Picture: Facebook |
Select KFC outlets across New South Wales have opted to eliminate cash as a payment method in the latest stage of Australia’s transition away from a cash-based economy.
At the fast food giant’s Morriset restaurant, located southwest of Lake Macquarie, a large sign now tells diners that all transactions are “cashless”.
“This restaurant is cashless. We accept cards only. Thank you,” the sign reads.
The decision to eliminate cash payments sparked a heated online debate in a local Facebook group, with some confusion over whether businesses are allowed to decline cash as a form of payment.
“I thought this wouldn’t be allowed, and (that) cash would be accepted everywhere,” one confused user wrote.
“How long do you think it will be before all shops and everything in between stop cash transactions?” a second asked.
According to the ACCC’s website, businesses do not have an obligation to accept cash as a form of payment and may choose to stick to digital-only payments.
However, the ACCC warns businesses that they must clarify which types of payment they accept, much like the prominent signs at the KFC outlet.
“Businesses should be clear about the types of payments they accept and the total price payable,” the advice reads.
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| The RBA revealed just 13 percent of transactions were made via cash in 2022. Picture: NCA NewsWire / Nicholas Eagar. |
The Morriset restaurant joins nearby branches in Lake Haven, Heatherbrae, Mudgee, and North Wyong which are also now cashless.
The move, which presumably removes the restaurant’s liability of having cash on the premises, is only the latest sign of Australia’s increasingly cash-less future.
According to the Reserve Bank of Australia (RBA), cash accounted for just 13 percent of all payments made in 2022.
Earlier this year, the number of notes in circulation officially declined for the first time since dollars and cents were introduced in 1966.
Despite the remarkable speed of Australia’s pivot away from cash, Asian and European nations are already “winning” the race to a cash-less future.
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| China has emerged as a cash-less leader thanks to mobile payment systems like AliPay. Picture by Costfoto/NurPhoto via Getty Images. |
In Scandinavian nations like Norway and Finland, cash-based transactions have already hit remarkable lows.
According to the World Bank, only about three to five percent of point-of-sale transactions in Norway were paid for by cash in 2022.
In neighboring Finland, the country’s central bank has predicted the Nordic nation will be entirely cashless by the end of 2029.
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