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Australia on the Way to Cashless Society





Australia is forecast to be 98 per cent cashless by 2024 as COVID-19 accelerates the growth of payment options like tap-and-go.

New data from financial payment giant FIS has forecast that in the next three years cash payments will dwindle to just 2.1 per cent of all transactions.

That would place Australia as the fourth most cash-averse economy in the world, behind Sweden, Denmark and Hong Kong.

"Australian consumers are ushering in a new dawn of commerce as they embrace modern ways to pay, consume and engage with businesses," said Phil Pomford, General Manager APAC, Worldpay Merchant Solutions at FIS.

"As Australia heads towards a predominantly cashless payments market, we must focus on financial inclusion. Important parts of the economy continue to rely on cash, such as charity donations and restaurant tip jars.

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The cashless society from an ethical point of view

The debate about the move towards a cashless society has been at the center of the scene for several years, now. Various angles have been taken by economists, politicians, banking institutions and sociologists. Beyond the technicalities of the debate, lies the question of freedom, of inter-citizen solidarity and of governmental responsibility. The debate cannot remain in the hands of financial specialists, it is first and foremost an ethical, political and societal issue.










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