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ANZ Records 60 Percent Drop In Cash-Over-Counter Transactions

ANZ has noted a drop in over the counter cash transactions, as customers move to digital payments, said country head Saud Minam
18 Sep 2020 09:09
ANZ Records 60 Percent Drop In Cash-Over-Counter Transactions
ANZ country head Saud Minam.

ANZ has noted a drop in over the counter cash transactions, as customers move to digital payments, said country head Saud Minam.

From February to September, the bank recorded a 60 per cent drop in cash transactions, he said.

“We’re dealing with the same number of clients though, with an unbelieveable surge in digital transactions,” he said.

A lot of people have actually moved from the cash and cheque methods of payment to digitalisation, Mr Minam said.

“It basically reflects on how businesses are doing business differently, which to us was an excellent opportunity to serve our customers better,” he said.

“Most of the banks are moving in that direction.”

Mr Minam said the bank hoped that after December 31, more businesses would be able to get back on their feet to service loan repayments.

“Most businesses have relooked their way of doing business,” he said.

“They have reformed, and started working smarter.

“It’s an encouraging sign.”

Until the border restrictions are relaxed, the bank will continue to support its customers through the tough times ahead,” Mr Minam said.

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