Yahoo Finance 7-Eleven’s major cash change for Aussie customers
7-Eleven joins Woolworths in making cash withdrawal changes for Aussie customers.
7-Eleven has become the latest business to take a step back from cash withdrawals, as Australia moves towards becoming a more cashless society.
The convenience chain, which has 762 stores across the country, has confirmed it is reducing the number of ATMs in stores due to changing customer needs, with more customers paying for services via card.
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“As our offer evolves, some ranges and services are removed to provide room for new and high-demand offers,” a 7-Eleven spokesperson said.
“We are reducing our ATM footprint to respond to changing customer needs, although some stores will continue to provide ATM facilities."
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The move follows Woolworths’ decision in September to reduce its cash withdrawal limits from $500 to $200 per transaction in-store. In October, the supermarket giant also limited withdrawals to customers who made a purchase only.
At the time, a spokesperson said the change was “due to the lack of cash being used in transactions” with the majority of customers opting for card payments.
Several KFC stores in New South Wales are also no longer accepting cash payments, while even some of the Big Banks are scrapping over-the-counter cash transactions at selected branches.
Aussies ditch cash
The use of cash for payments has dropped over recent years as Aussies switch to digital payment methods. According to Reserve Bank (RBA) data, the share of consumer payments made using cash plunged from 70 per cent in 2007 to just 13 per cent last year.
Speaking at a conference last week, RBA governor Michele Bullock said the central bank was placing “high priority” on the community continuing to have reasonable access to cash withdrawal and deposit services.
“Cash remains an important means of payment for some people and is widely held for precautionary or store-of-wealth purposes,” Bullock said.
“Cash is also an important backup method of payment during system outages or natural disasters, when electronic payments might be unavailable.”
As cash use declined, Bullock said it was affecting the economics of providing cash services and putting pressure on the cash-distribution system.
It's also reducing the number of access points available for customers to withdraw cash. Last financial year, APRA found 718 bank-owned ATMs and 424 bank branches had been shut down across Australia.
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