Cash no longer king as cards and digital payments steal the throne
Australia is well on the way to becoming a cashless society, with new research predicting that banknotes will represent less than 4 per cent of the total value of retail purchases by 2025.
“I am considering moving back to cash because of the transaction fees and I don’t like the record of my transactions being recorded as well. The thought of everything I purchase being on my web history is concerning,” he said. “It’s also much easier to budget using cash.”Independent payments market consultant Lance Blockley has forecast that for total retail purchases, cash will represent less than four per cent of total purchase value by 2025.
“ I don’t remember [the last time I withdrew cash]. I use Apple Pay. It’s easier than carrying cash.” Ellysha Gillespie, 32, said she received thousands of dollars in cash when she got married in the Hunter Valley earlier this month before holidaying in Sydney. She quickly banked all the money, saying the only time she uses cash is when the eftpos machine at her nail salon has stopped working.
The Reserve Bank’s latest figures for 2019 shows that cash payments accounted for 27 per cent of the number and 11 per cent of the value of all consumer payments in 2019. The most common way consumers withdraw cash is through ATMs, which accounted for 72 per cent of the total number of cash withdrawals and 64 per cent of the value of withdrawals in 2021.
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