Banks and the cost of doing business

Another day, and another “challenge” for the banks. NAB CEO and Australian Banking Association Chair (ABA), Andrew Irvine sat down for a panel discussion at the Trans-Tasman Business Circle Annual Economic Forecast event last Friday and lamented the cost of cash, saying “cash is viewed as free and digital payments are viewed as having a surcharge. This is actually the wrong pricing signal because the cost of a digital payment versus a physical payment is much, much lower.”