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One of Australia's largest banks is ditching cash at all of its branches and shifting entirely to 'digital-only' services.
Macquarie Bank customers will no longer be able to access over-the-counter services or order new chequebooks from May 20. The bank's automated telephone banking service and chequebooks for new cash management accounts have already been slashed. All cash and cheque transactions are gone, and Macquarie customers' access to NAB ATMs will end by November 1. The announcement is the latest hit for those who prefer to pay with cash, to avoid records being kept of all their transactions. In April, thousands took part in a 'Cash Day Out' protest and rushed to withdraw money from ATMS to protest against Australia's slow but inexorable transition to a digital-only country. Macquarie cited a shift in customers’ banking habits as the reason behind their change towards digital-only banking. Macquarie cited a shift in customers’ banking habits as the reason behind their change towards digital-only banking. The bank said it is 'committed to transitioning to completely digital payments' as it's a 'safe, quick, and more convenient' way to transact. Banks also claim that transporting and distributing cash for a diminishing amount of users was costly, despite the colossal profits made by major banks. Finance expert Sarah Wells saying the move 'is the next step [towards] a cashless society.' 'My biggest concern is when one starts the rest will follow,' she told Daily Mail Australia at the time. ANZ, Commonwealth Bank and NAB have already begun phasing out cheques while Bankwest prepares to shut down 45 branches in Western Australia by October. Ms Wells said this is a move Macquarie 'may wish to reconsider'. 'For some businesses this may cause them to need to change banks,' she said. Businesses bear the cost of having electronic payment machines, and must pass on a fraction of every transaction to the bank rather than keeping it all. Banks refusing to use cash effectively force their business customers into the same, as there is nowhere to deposit cash payments. That particularly hurts hospitality businesses who report a decline in tips when people pay by card. Those who want cash retained in the economy were urged to withdraw cash at ATMs across the country for 'Cash Out Day' last month to protest the nation's haste towards wholly cashless transactions, and show there is still demand for notes and coins. The campaign was promoted on the Facebook page of Cash Welcome, a non-profit group campaigning against a cashless economy. It saw customers lining up outside the big four banks - Commonwealth Bank, NAB, Westpac, and ANZ - to withdraw cash. Campaign manager for Cash Welcome, Jason Bryce, told Daily Mail Australia the event was a 'huge success' and said banks need to listen to Aussies who don't want a cashless society. The Blog Tags Widget will appear here on the published site.
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Ruling party Pheu Thai’s boldest pledge, the 10,000 baht digital wallet handout, will be funded solely by the fiscal budget and all eligible Thais should have the money by the fourth quarter. After the National Digital Wallet Policy Committee met on Wednesday, Prime Minister Srettha Thavisin said the scheme, which will cost about 500 billion baht, will be solely funded by the 2024-2025 fiscal year budget instead of loans. “I am able to fulfil the promise I gave to people. This [handout] adheres to laws and aligns with fiscal regulations,” said the premier, who also doubles as finance minister. Deputy Finance Minister Julapun Amornvivat explained that the funding will come from three budgetary sources: 152.7 billion baht from the 2025 fiscal budget, 172.3 billion baht from the Bank for Agriculture and Agricultural Cooperatives 2025 budget, and 175 billion baht from the 2024 fiscal budget. He said the handout will be given to registered Thai citizens aged 16 and above who earn no more than 840,000 baht per tax year and have no more than 500,000 baht in their bank accounts. Recipients can use this digital wallet at specific stores within their home districts, he said, adding that these stores can use the money earned to buy goods from other stores without location restrictions. The digital wallet cannot be used to purchase “sin” goods, fuel, services or online products, he added. Stores wishing to be part of this campaign should have a presence in the tax system, he said, adding that the money earned via this scheme cannot be withdrawn immediately. Registration procedures for both users and stores will be available in the third quarter. Julapun said the 10,000 baht will be distributed via a “super app” created by the Digital Economy and Society Ministry, which can be used by all banks in an open-loop model. He insisted that the entire process would be transparent. The government also plans to set up a committee, chaired by the National Police chief, which will include members of the Cyber Crime Investigation Bureau, to prevent fraudulent activities. It is believed that this digital wallet handout will provide a 1.2-1.6% boost to the country’s GDP, which has been badly affected by geopolitical tensions and a slow recovery from the pandemic.
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5/14/2024
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