What was the last thing you paid for with cash?
Cash is estimated as making up 6 per cent of the value of all transactions in Australia.China may move away from using cash and go completely digital with its currency.
With cash becoming less common in everyday life, it may not be too far into the future that the question is asked if it's worth keeping cash or switching to an all-digital currency.The total value of cash payments made in Australia represented just 6 per cent of all point-of-sale transactions in 2022, according to financial technology company FIS global.UNSW Professor of Economics Richard Holden sees potential in Australia becoming a cashless society.
Professor Holden said from a business perspective, doing away with cash reduced risk from theft and holdups and therefore could have a flow-on effect on business insurance premiums but also reduced workload. Professor Holden said switching all payments to digital also meant there was a paper trail for transactions."I can't speak to the motives of the Riksbank . But I wouldn't be surprised if part of the motivation was the underground economy."
"China is basically moving towards a digital currency, so there just won't ever be physical currency in China and it might only be a few years," he said., the COVID-19 pandemic and high internet usage had contributed to increased usage of mobile payment methods in the country.
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