Future access to physical cash is now under a cloud, according to Australia’s primary cash transit company, amid a sharp decline in the use of notes and coins.
The Linfox-owned Armaguard has warned that its distribution operations are unsustainable due to falling demand, sparking emergency meetings with Australia’s major banks. The Reserve Bank, which prints and issues currency, is also involved in the discussions.
The concern is that if Armaguard, which has a near monopoly over physical cash distribution in Australia, were to reduce or cease deliveries, there would be an immediate shortage.
This would impact its major clients, including banks, post offices, supermarkets and other major retailers, which would curtail the availability of cash for the community.
Mentions Armaguard
in The Guardian
via Richard Stallman