7-Eleven confirms huge blow to customers who want to pay in cash
7-Eleven has confirmed it will reduce the number of ATMs in stores as Australia transitions to a more cashless society.
It comes after some frustrated Australians complained on social media that it is becoming increasingly difficult to find ATMs in the supermarket chain’s 762 stores Down Under.
A 7-Eleven spokesperson explained in a statement to Daily Mail Australia on Tuesday that the company is “reducing our ATM footprint.”
“As our offering evolves, some ranges and services are being removed to make room for new and in-demand offerings,” the spokesperson said.
“We are reducing our ATM footprint to meet changing customer needs, although some stores will continue to offer ATMs.”
7-Eleven confirmed Tuesday that it would phase out ATMs in its stores nationwide
A 7-Eleven spokesperson said: ‘We are reducing the footprint of our ATMs to respond to changing customer needs’ (stock image)
The news adds to ongoing concerns that Australia could run out of cash in just three years, after the country’s largest banknote delivery company admitted last week that its business model was under threat.
Armaguard and Prosegur Australia received regulatory approval to merge this year, giving the new company Linfox Armaguard a 90 percent share of Australia’s cash-in-transit market.
This was based on the promise that it would continue to provide cash until 2026.
Despite having a near-monopoly position, Linfox Armaguard Group CEO Mick Cronin told Daily Mail Australia he could not guarantee his company would still be able to provide cash in three years’ time.
“As the use of cash declines, the cost of moving cash becomes more expensive and the industry must develop a sustainable, long-term solution,” he said last week.
The news adds to ongoing concerns that Australia is moving towards a completely cashless society
The CEO of Linfox Armaguard Group said he could not guarantee the company would still be able to provide cash in three years (stock image)
Mr Cronin hinted that future cash supplies would require government intervention as his company held urgent talks with the Australian Banking Association.
“Linfox Armaguard is working with the Treasury, the RBA, the ABA, major banks and related parties to devise a sustainable industrial solution for the continued provision of cash in Australia,” he said.
A Reserve Bank report released last month found that 73 percent of transactions under $10 in 2022 were made by card, compared to just over half in 2019.
During the last financial year, 718 ATMs were removed, according to data from the Australian Prudential Regulation Authority.
This happened when 424 bank branches were closed in the year to June.
The number of branches has fallen by more than a third or 37 percent since June 2017, but in six years the number of ATMs has plummeted by 59 percent.
Australia still has 5,693 ATMs – less than half the level of 13,814 in June 2017.
The number of bank branches has fallen from 5,694 to 3,588.