Pay-passing the hat around: From buskers to churches, a cashless society is Australia’s future

It’s becoming ever more apparent that as a society, we’re veering more towards being completely cashless, with solutions for giving and receiving money continually popping up and challenging everything we thought we knew about transacting.

Not only is new technology and state-of-the-art security helping to boost consumer confidence when it comes to transacting electronically, but financial technology or ‘fintech’ is streamlining our financial interactions — making it easier and more reliable than ever before.

According to the RBA, in the early-2000s, Australians went to an ATM an average of 40 times per year, but today, we go to an ATM about 25 times a year — a downward trend that is likely to continue. Further to this, Australians make an average of nearly 500 electronic payments a year, whereas almost two decades ago, we were only making around 100 per year.

We rarely carry cash with us, and for those who do, it’s almost seen as a rarity. This is a strong reflection that we’re teetering on the edge of a cashless society.

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Source: Pay-passing the hat around: From buskers to churches, a cashless society is Australia’s future