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It’s said money talks, but the conversation about a cashless society has grown ‘coinvoluted’. From credit and debit cards, to digital wallets on mobile phones - the ways Australians now choose to pay has sparked questions about whether cash is becoming obsolete. While research suggests it may well be, business professor Steve Worthington says it’s not. “I don’t see cash withering away within the next couple of decades,” he told AAP.
When certain businesses only accepted cashless payment post-lockdown, consumers learned to embrace its convenience. “It’s easy - you just need to carry your phone or mobile devices or your watch,” Dr Zhong said. It’s come to a point where people are slaves to their phones, she said, but that’s not to say cash will disappear into the abyss. Physical currency remains crucial for older Australians, regional residents, refugees and those with disabilities, Dr Zhong said.
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