Why iconic Aussie bakery went cashless

A NSW bakery has made the move to go completely cashless, thanking its customers for “being an early adopter” of change.

A country town bakery, which has claimed to be the first cashless bakery in Australia, has sparked furious debate online over their decision to go completely digital.

The Heritage Bakery, in Milton, on the NSW South Coast, has displayed a sign in their store thanking customers for going cash free, stating it’s more “clean” and “accurate”.

“Australia’s first cashless bakery” the sign reads.

“Cashless is quick …, Cashless is clean … Cashless is accurate.

“Thank you for being an early adopter.”

The move to ditch cash has been met with backlash on the ‘The cash is king’ Facebook page, which encourages businesses to use physical currency over electronic payments.

“Heritage Bakery Milton NSW, is cash free, just walked out,” one person wrote in the group.

“They will lose a lot of business,” one person claimed.

This Aussie bakery has gone cashless. Picture: Facebook@heritagebakerymilton

“We can force them to go back to cash if we stick together, maybe we can boycott this bakery, no sales then they will have to go cash or close store,” wrote another.

Another person suggested the business would be disadvantaged if a natural disaster were to hit the town.

“And when natural disaster such as fires of 2019 hit south coast there will be not eftpos or atm machines working, surely these businesses have learnt from past ??? Guess not,” they wrote.

Others suggested the business has actually been cashless for years, putting off some customers.

“I was there 18 months to two years ago and they wouldn’t accept cash then so I also said no thanks and left,” one person claimed.

“Been cashless for years, won’t go there again,” wrote another.

It comes as predictions say Australia will become a “technically cashless” society in as little as one to two years.

They’ve put this sign up outside. Picture: Facebook@Cash is King Australia

“The convenience of digital transactions has become irresistible for consumers and businesses and has led to the sector eclipsing traditional payment methods,” RMIT University finance expert Dr Angel Zhong previously told NCA NewsWire.

Dr Zhong said cash will be used so rarely that Australia will be effectively cashless by 2025, however those concerned about going cash free shouldn’t panic.

“It’s human nature to tend to hold cash, even I do,” she added before noting that the value of cash will not disappear just because people no longer use it in their everyday lives.

Recent analysis authored by central bank officials found that cash usage had halved in the past three years, with its decline accelerated by the Covid-19 pandemic.

In 2019, the share of consumers’ transactions paid in cash was 27 per cent, but by 2019, this figure had fallen to just 13 per cent.

News.com.au has contacted The Heritage Bakery for comment.