Macquarie Bank to Go Cashless as the Banking Sector Shifts to Digital-Only in Australia

Macquarie Bank, one of the largest banking institutions in Australia, is changing its paradigm to become a digital-only institution. Macquarie, which has a market capitalization of over $77 million, has stopped offering cash and cheque services to its customers, meaning they won’t be able to make deposits or withdrawals using cash or cheques in the bank offices starting later this month.

Also, the bank announced that it had already discontinued its automated phone banking services, suspending the possibility of making phone payments. In its online portal, Macquarie states it is committed to transitioning to “completely digital payments and continuing to ensure our customers can access secure and reliable digital payment options.”

Furthermore, the bank declared that “digital banking is a safe, quick, and more convenient way to transact because you can view and track transactions and other account activity in real time.” However, Macquarie customers will still be able to withdraw cash from ATMs.

Macquarie’s actions follow a trend in the Australian banking sector, as several banks have already taken similar steps. ANZ, a top Australian bank, recently communicated it was also dropping cheque support. Bankwest, another banking institution, decided to go digital only and is prepared to close 45 branches by October.

This digital shift happens as Australian society is dropping cash and going digital. Only 13% of the payments in 2022 involved cash, according to Michele Bullock, the governor of the Reserve Bank of Australia (RBA). Last year, Bullock stressed that 75% of Australian citizens were considered “low cash” users. However, Bullock recognized that cash use was still important in certain regions and for elderly people.

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