Is it wise for Australia to become a fully cashless society?
The coronavirus pandemic has led many Aussies to use contactless payment systems instead of physical cash, whether it's using their card or their phone (think Apple Pay). According to a survey by Mastercard, 44& of Australians said they're using cash less often since the pandemic began.
It's not hard to imagine why, in the middle of a global respiratory pandemic. 80% of respondents in the Asia Pacific said they saw contactless payments as a cleaner payment option. In the future, 75% of Aussies in the survey said they'd keep using contactless payments once the pandemic is over.
"Consumer behaviour around payments has seen a shift since COVID-19, which has transformed the daily lives of Australians," Richard Wormald, Mastarcard Division President Australasia, said in a statement in April. "Australians are looking for a safe, clean and secure way to pay, which has seen contactless card and device transactions surge.
It is clear that this is the preferred way to pay, now, and for the future." But Australia going completely cashless – as in, totally ditching cash and cheque payments – isn't necessarily the best option, according to some experts.
Read more
The coronavirus pandemic has led many Aussies to use contactless payment systems instead of physical cash, whether it's using their card or their phone (think Apple Pay). According to a survey by Mastercard, 44& of Australians said they're using cash less often since the pandemic began.
It's not hard to imagine why, in the middle of a global respiratory pandemic. 80% of respondents in the Asia Pacific said they saw contactless payments as a cleaner payment option. In the future, 75% of Aussies in the survey said they'd keep using contactless payments once the pandemic is over.
"Consumer behaviour around payments has seen a shift since COVID-19, which has transformed the daily lives of Australians," Richard Wormald, Mastarcard Division President Australasia, said in a statement in April. "Australians are looking for a safe, clean and secure way to pay, which has seen contactless card and device transactions surge.
It is clear that this is the preferred way to pay, now, and for the future." But Australia going completely cashless – as in, totally ditching cash and cheque payments – isn't necessarily the best option, according to some experts.
Read more
In 2020, Cash has grown (a lot)
