Is cash really still King?

For years, more stores are no longer accepting cash as payment and it’s easy to see why, with 94% of transactions in 2024 being digital. They’re also not obligated to either.

In 2023, the Reserve Bank of New Zealand found cash usage for everyday purchases had decreased from 95.8% in 2019 -- to 57.2% that year. 

Apparently just 8% of New Zealanders were regular or daily cash users. 

But today, the Reserve Bank’s opened public consultation on a proposal that would force banks to set up hundreds, if not thousands, of additional ATMs and branches to make sure people have access to cash.  

Today on The Front Page, NZ Herald Wellington business editor Jenée Tibshraeny joins us to discuss why cash might be here to stay. 

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You can read more about this and other stories in the New Zealand Herald, online at nzherald.co.nz, or tune in to news bulletins across the NZME network.

Host: Chelsea Daniels
Editor/Producer: Richard Martin
Producer: Jane Yee