How Armaguard’s fight for survival could spell the end of cash in Australia forever – as supermarket giant issues card only warning [Video]

00:20 EDT 28 Mar 2024 , updated 00:39 EDT 28 Mar 2024

Australia’s only secure cash transport company is teetering on the edge of collapse which, if it does fold, could spell a rapid acceleration towards a cashless society.

Armaguard on Thursday rejected an emergency $26million rescue package put together by the major banks and retailers and instead said it would rely on $10million in extra funding injected by parent company Linfox.

The cash transit business has a monopoly since merging with competitor Prosegur last year but has been struggling as the use of physical cash is jettisoned in favour of convenient tap-and-go, card and electronic payments.

Supermarket giant Coles paused all cash delivery services over Easter concerned that if Armaguard went into administration it could lose any cash stuck enroute in its trucks.

Morning 3AW host Tom Elliot warned on his program on Thursday that a collapse of Armaguard would mean transportation of cash around the country would halt.

‘What …