Within days of the COVID-19 outbreak in Australia, most shops began eschewing cash, with a preference for cards. And here’s the thing – most of us quickly complied. Recently, banking experts have said that over the 12 weeks or so that the pandemic was at a crisis point across the nation, the digital banking revolution sped up rapidly, by about five years.
And there were two reasons why: Firstly, the fact that cash became unacceptable currency almost overnight. And secondly, the effect of a psychological shift, particularly amongst people who were not previously avid users of technology, who were suddenly forced to embrace the internet for schooling, for work, to shop and to order takeaway, as well as to connect with family and friends. In doing so, they became more comfortable with the online environment.
These two important factors have contributed to the fact that Australia is likely to be a cashless society sooner rather than later.
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And there were two reasons why: Firstly, the fact that cash became unacceptable currency almost overnight. And secondly, the effect of a psychological shift, particularly amongst people who were not previously avid users of technology, who were suddenly forced to embrace the internet for schooling, for work, to shop and to order takeaway, as well as to connect with family and friends. In doing so, they became more comfortable with the online environment.
These two important factors have contributed to the fact that Australia is likely to be a cashless society sooner rather than later.
Read more
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