Free Subscription

  • Access 15 free news articles each month

Professional

Try one month for $7
  • Unlimited access to news,insights and opinions
  • Quarterly and weekly magazines
  • Independent research reports and forecasts
  • Quarterly webinars with industry experts
  • Q&A with retail leaders
  • Career advice
  • 10% discount on events
×

Nine Woolies stores will be cashless as of next week

Supermarket Woolworths is expanding its trial of cashless Metro stores, with a further two sites in Victoria and one in New South Wales to no longer accept cash payments starting next week.

Woolworths Yarraville and Caulfield North in Victoria and Roseberry in New South Wales will become card only on October 12, joining six other Metro stores across the two states.

“As more and more customers choose to pay with cards, we’re trialing all electronic payments in a small selection of Metro stores which currently see very few cash transactions,” a Woolworths spokesperson said.

And while the trial is still in its infancy, with 99.4 per cent of Woolworths stores still accepting cash, it is an acknowledgement of changing customer behaviours.

According to Worldpay global e-commerce general manager Phil Pomford, cash has been on its way out for some time – even before the pandemic.

“With concerns around safety and hygiene in regards to the handling of cash, there’s no doubt that this trend has been accelerated,” Pomford said.

“It’s no surprise to see major retailers like Woolworths making a concerted effort towards digital-first or entirely digital payment solutions. It’s simply a non-negotiable for retailers if they wish to remain competitive and continue to attract an increasingly digital-savvy customer.”

Worldpay estimates by 2023, only 5 per cent of point of sale transactions will be completed with cash.

You have 7 free articles.