ANALYSIS: Cashless Transition Steamrolls Ahead After Major Bank Closes All Branches

Australians made $746 million in digital payments in 2018—that number soared to $93 billion in 2022.

A BankWest sign hangs outside its Elizabeth Street branch in Melbourne, Australia on Oct. 8, 2008. William West/AFP via Getty Images

A new all-in-one mobile app will offer what its developers claim is Australia’s first end-to-end digital banking platform for the country’s 2.4 million businesses with fewer than 10 employees.

The announcement comes a day after Bankwest announced that it is closing 45 of its branches and transitioning the remaining 15 to Commonwealth Bank of Australia (CBA) branches, going digital-only by October 2024.