Fewer Australians are using cash than ever before.
Research shows 90 percent of Australians now opt to do their banking online, and more people prefer the convenience of ‘Tap and Go’.
Between 2019 and 2022, the number of Australians who reported making a payment via their smartphone digital wallet, increased by 21 percent.
UNSW Professor of Economics, Richard Holden, says it’s a shift happening all around the world.
“Sweden’s well over 90 percent non cash-based transactions,” said Professor Holden.
“And, in Australia, cash really only accounts for 11 percent of the total transactions by dollar amount.”
The move away from cash has also been expedited by the global pandemic.
Independent payments market consultant, Lance Blockley, predicts physical money is expected to make up just 10 percent of total transactions in Australia by 2025.
That predicted figure is even lower for retail transactions, with Blockley expecting less than four percent to be paid for using cash.
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