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Cards v cash: the rise of tap-and-go convenience and online accounts has pros and cons

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Australia’s growing “aversion” to cash isn’t just playing out in online retail stores and shopping malls across the Sunshine Coast.

The second in a series on Australia becoming a cashless society

The march towards a cashless society – perhaps within the next two decades – is gaining momentum in places where cash was once king and where its reign never looked like being threatened.

Parking meters, pay phones and vending machines – once the realm of coins – now generally have credit card options.

Placing a bet has never been easier.

Markets might have been considered the last bastions of cash. But Coast operators seem to have found a “happy compromise” between payments by credit/debit cards and physical money.

For example, the Fishermans Road Markets – held each Sunday and run by the Mooloolaba Lions Club – have had to move with the times in technology and ease of payment, although cash remains a popular option.

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Markets throughout the world now usually offer payment options other than cash. Picture: Shutterstock

“With all the payment methods available these days, most stallholders do accept payments other than cash,” bookings officer Rebekah Barber said.

“Most permanent regulars (stallholders) do operate with Square, moving away from the classic Eftpos machine.

“Only a few still use an Eftpos facility (Lions are one of those who do), as Square provides a full point-of-sale system, so is the popular option – especially for food stalls who can also take orders this way.

“Most of our casual stallholders are secondhand clothing, bric-a-brac style and garage sale stalls, so will take cash. Or now with PayID (a form of unique digital identification), I’ve noted a few will offer this for payments.

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“We always have our community groups, Scouts sausage sizzle and carparking who rely on cash donations.

“As someone who volunteers for several organisations, Eftpos is too costly.

“Getting a Square facility is not as easy to apply for, and as it needs to be on a device, it can’t just be passed from one person to another easily – this is what our small swim club has found anyway.

“When it comes to markets like Fishermans Road, most shoppers prefer cash as it provides an easy way to budget your spending, especially on second-hand items you may not really ‘need’.”

Payment online and at point of sale through debit and credit cards has revolutionised the way we shop and do business.

Ms Barber said about 70 regulars and 40 to 50 casuals set up stalls at any given market each week.

Regulars usually all had a point-of-sale system, but some used PayID. Of the casual stallholders, about a quarter were small businesses that also used the Square option.

Fishermans Road Markets has two ATMs on site and a third during peak times. Demand for cash is always high.

Ms Barber said the ATMs “have run out of money during the busier markets, even though customers are charged for the cash transaction of an ATM and most stalls have the Eftpos option”.

Cash is king with the kids, too. Ms Barber said children loved bringing their pocket money to the markets.

“Parents teach children budgeting by providing physical cash versus tapping away and not seeing the money vanish,” she said.

“My friend had a stall on the weekend and I watched as she gave her two young boys $20 each – $10 for food, $10 for spending that they had for the day – so they had to think and be responsible with what they chose to spend their money on.”

The stallholder bookings system also had undergone change in recent years.

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“Our booking system is online and live, so that online credit card payment secures the booking,” Ms Barber said.

“The Lions (club members) used to collect from the stallholders on Sundays, but this meant our (somewhat elderly) Lions were carrying around a lot of cash, it was time consuming and a big responsibility for the Lions on the day.

“It also meant that they couldn’t know in advance what the day would bring as far as booking and cancellation numbers.”

But the convenience and ease of payment by debit and credit cards or online accounts also can have massive disadvantages – especially for the most vulnerable in our community.

Baby boomers and older generations can recall a time when handing over hard-earned cash at the local TAB and to on-course bookies or making the trip to the local Casket agency were the only legal ways in Queensland to indulge a flutter on the “GGs” or have a chance to “strike it rich” the easy way.

The rise of online gambling and betting apps, for example, has made it much easier to put a wager on anything from horse racing and football to Oscar winners and government elections. Setting up an account takes only minutes.

Sport betting apps have brought the temptation of gambling closer for some. Picture: AAP

That means temptation is always close for those who can least afford to bet or have gambling addictions.

The Australian Gambling Research Centre (AGRC) research snapshot, published in March this year, on Gambling Participation, Experience of Harm and Community Views said estimates suggested Australians lose about $25 billion on legal forms of gambling each year, representing the largest per capita losses in the world.

While participation in traditional “land-based” gambling (pokies) has been declining among Australians over the past decade, gambling online on sports and race betting has grown substantially during that time, and related harms are an increasing concern, it said.

A recent AGRC survey found that almost half (46 per cent) of Australians who gambled were classified as being at some risk of gambling harm.

The Salvation Army public relations secretary, Queensland, Simon Gregory said online gambling was a growing problem and his organisation was supportive of measures, such as banning gambling ads during sporting events, that may help protect younger people from being lured into harmful gambling habits.

“There is clear evidence that online gambling products like sports betting thoroughbred wagering makes it easier to bet anywhere, anytime,” he said.

“Despite the establishment of warnings, age restrictions and tools that limit problem gambling, it continues to proliferate and cause misery to hundreds of thousands of individuals and families around the country.

“It appears that cash is still king when it comes to poker machines and the like and so a cashless society may go some way to discourage people from abusing this form of gambling.

“Everyday, The Salvation Army sees hundreds of people whose lives have been severely affected by their gambling habits. From our addiction rehabilitation services through to our Moneycare financial counselling and Doorways emergency relief services, we do what we can to ensure that people have the basics to get through the day and the opportunity to escape from their addiction.”

Meanwhile, Federal Member for Fisher Andrew Wallace has welcomed the introduction of legislation that will see the use of credit cards and digital currency prohibited as payment methods for interactive wagering services.

The Federal Government introduced the Interactive Gambling Amendment (Credit and Other Measures) Bill in the House of Representatives on Wednesday, September 13.

It follows a recommendation made by the 2021 inquiry into the regulation of the use of financial services such as credit cards and digital wallets for online gambling in Australia, led by Mr Wallace, who was then the chair of the Parliamentary Joint Committee on Corporations and Financial Services.

The committee recommended that “the Australian Government develop and implement legislation to ban online gambling service providers of wagering, gaming and other gambling services (but not lotteries) from accepting payment by credit cards, including via digital wallets”.

The committee’s inquiry received submissions from responsible gambling advocates, financial counsellors and academics, revealing that gambling using credit can and often does lead to significant and life-changing consequences such as extreme financial hardship and job losses, as well broader social harms including the breakdown of relationships, mental illness and homelessness.

If passed, the new legislation will provide a six-month transition period to allow the industry to comply. The Australian Communications and Media Authority will have the power to issue fines of up to $234,750 for any breach.

Mr Wallace has long advocated for gambling reforms to reduce the harms on individuals, families and friends, and significant flow-on effects to the community.

“When people borrow money on their credit cards to fund their gambling habit, they are paying up to 22-24 per cent in interest per annum on their losses,” he said.

“This exacerbates social harms that are perpetrated on not just the individual, but their innocent families, friends and wider community. Sadly, research also shows a link between gambling and suicides.”

Gambling Help Online is available if you’re struggling with your gambling. It also offers financial counselling as a free and confidential service that can help anyone affected by gambling, including friends and family members, to talk about their financial issues face-to-face, over the phone or via teleconference. Gambling financial counsellors are experienced in debt, bankruptcy and personal finance and can help get finances back on track.

The National Gambling Helpline is a free, confidential and professional service that can provide counselling, information and referral to anyone affected by gambling. Call 1800 858 858 or visit the website for online support.

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