A report in Morningside claims that while banks hail the shift as a “natural evolution” toward “convenience” and “efficiency”, critics caution that a cashless future risks creating dangerous vulnerabilities for society.
Digital payments and online banking have steadily reduced demand for cash, a trend supercharged by the COVID-19 “pandemic”. Banks argue that maintaining ATMs—costing thousands each year in smaller towns—no longer makes economic sense. Yet for many New Zealanders, cash remains more than a matter of habit. It is about security, independence, and resilience.
Rural communities face particular challenges. As Margaret, a Waikato dairy owner told Morningside, “If the nearest ATM is 40km away, that’s a real problem.” For elderly citizens, those without digital literacy, or families living paycheck to paycheck, the disappearance of ATMs could create a “digital underclass” with limited access to basic financial tools.
Some Kiwis highlight the risks of over-reliance on electronic systems. “In a crisis, power can go out, internet can go down. The last thing you want is people unable to buy food because card networks fail,” said disaster volunteer Helen Scott. Cash remains essential during emergencies, and its absence could turn infrastructure failures into national crises.
Banks are trialling stopgap solutions such as mobile ATMs and community cash-back systems, but some warn these measures may not be enough.
Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
Rural communities face particular challenges. As Margaret, a Waikato dairy owner told Morningside, “If the nearest ATM is 40km away, that’s a real problem.” For elderly citizens, those without digital literacy, or families living paycheck to paycheck, the disappearance of ATMs could create a “digital underclass” with limited access to basic financial tools.
Some Kiwis highlight the risks of over-reliance on electronic systems. “In a crisis, power can go out, internet can go down. The last thing you want is people unable to buy food because card networks fail,” said disaster volunteer Helen Scott. Cash remains essential during emergencies, and its absence could turn infrastructure failures into national crises.
Banks are trialling stopgap solutions such as mobile ATMs and community cash-back systems, but some warn these measures may not be enough.
Daily Telegraph New Zealand (DTNZ) is an independent news website, first published in October 2021. - where this article was sourced.
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