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Expert warns for gradual transition to cash-free society

Publish Date
Thu, 20 Jun 2019, 12:05PM

Expert warns for gradual transition to cash-free society

Publish Date
Thu, 20 Jun 2019, 12:05PM

Hard currency could become a collector's item sooner than we think.

The Reserve Bank's released a paper looking at the future of cash in New Zealand. t explores the impact reducing the amount of hard cash could have on people and businesses.

Among the concerns are the impact it could have on tourism, business continuity during a crisis, elevated cyber threats and isolation of certain sectors of society.

MYOB's Ingrid Cronin Knight told Kate Hawkesby we're on track to be 'cash free' in under a decade.

"If you think about technology over time, and you think about the cheque book, in 10 years time cash will be as common today as cheques were 10 years ago."

She says transitioning too quickly could leave some people feeling the pinch.

"What's a good example recently where a whole town just recently because the ATM was done, and that just illustrates that transitioning will need to be done gradually."

 

 

 

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