Money transporter Armaguard is in peril. Could cash be dead sooner than we think?

By Steve Worthington, Adjunct Professor, Swinburne University of Technology

If you’ve ever taken money out at an Australian ATM, been handed $20 change at a supermarket or paid someone in cash, you’ve probably used the services of Armaguard.

Owned by Linfox Group, Armaguard is Australia’s largest currency transport business, servicing about 90% of the cash-in-transit market.

But the company is struggling. Use of cash as a means of payment has declined sharply in recent years, a trend that was only turbocharged by the pandemic. Last year, Armaguard said it would need a $190…

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