Why the future of paying might be about having more choice, not less

A tap of a card. A phone held over a terminal. A bill paid online. Money moves in seconds, often without a note or coin changing hands. 

Yet, at the same time as digital payments have become part of everyday life, Australia is taking steps to make sure cash remains part of it too. 

That might sound like two different directions. It isn't. 

In July, the Federal Government introduced legislation to regulate Australia's cash distribution system, the largely unseen network that gets banknotes to the places people need them. It follows new cash acceptance requirements that came into effect this year for many businesses selling essential groceries and fuel. 

The interesting question isn't whether Australia is going digital. Clearly, it is. 

It's why we're making sure another way of paying remains available as we do.

Most of us already use both 

The idea that there are "cash people" and "digital people" doesn't really reflect how most of us live. 

You might tap your phone for coffee in the morning, pay a bill online that afternoon, and withdraw cash on the way to dinner. 

The method changes because the situation changes. 

The Reserve Bank of Australia's 2025 Consumer Payments Survey found cash accounted for 15% of in-person transactions. But look beyond that number and something more interesting emerges. 

Three-quarters of people surveyed had cash in their wallets, and around two in five kept cash somewhere else, often for emergencies or unexpected situations. 

Perhaps most tellingly, around one in three Australians said they would experience genuine hardship or major inconvenience if they could no longer withdraw or use cash. 

That includes plenty of people who normally pay electronically.

New technology doesn't have to mean fewer choices 

We often think about technology as a replacement. 

Streaming replaced DVDs. Smartphones replaced cameras and street directories. So, it's easy to assume digital payments will eventually replace cash. 

But it doesn't have to work that way. 

Sometimes progress means giving people new and easier ways to do something while keeping other useful options available. 

ATMs themselves are a good example. The technology is changing too. At contactless-enabled machines, customers can use a physical card or, where supported, a digital wallet on their phone or watch. 

It's a small example of the physical and digital worlds working side by side. 

For the person standing in front of the machine, the important question isn't which technology has won. 

It's whether they can access their money in the way that works for them. 

Choice has a value of its own 

This is where Australia's current conversation about cash becomes much more interesting than simply talking about notes and coins. 

Digital payments offer enormous convenience. Cash offers different advantages. We don't need to diminish one to recognise the value of the other. 

And choice can become particularly valuable when circumstances change. 

Someone comfortable with mobile banking may still want cash before travelling. A person who usually taps their card might prefer notes at a local market. A grandparent might use online banking all week and still enjoy handing a grandchild $20 on Saturday. 

None of them needs to choose a side. 

For National Seniors Australia (NSA) and atmx, that's an important distinction. 

The conversation isn't about winding back digital progress or telling Australians how they should pay. It's about making sure progress continues to leave room for choice, so people can use the payment option that works for them at the time. 

Because perhaps the most modern payment system isn't one that decides the future for us. 

It's one that gives us more than one good way to pay.