PayWave: Australia will soon be ‘entirely cashless’

Cash could become a distant memory as soon as 2026, according to startling new predictions from experts.

According to data from the Reserve Bank of Australia (RBA)’s ongoing Consumer Payment Methods survey, the percentage of cash payments in the country plummeted from 69 per cent in 2007 to just 37 per cent in 2016.

A projection of that data by comparison site finder.com.au has revealed that if the current trend continues, physical cash could vanish in Australia as soon as 2026.

It’s even earlier than the predicted expiry date of ATMs, with an analysis of RBA statistics by finder.com.au showing they could disappear from our streets by 2036.

Finder’s money expert Bessie Hassan said it seemed new technology was behind the death of cash.

“Many people simply tap-and-go with their debit or credit card nowadays. With the introduction of Apple Pay and Google Pay, even that’s a bit old-school for some,” Ms Hassan said.

“These new payment methods have led to less people carrying cash with them.

“In the past Aussies would come armed to group dinners with a wad of cash so they could pay for their portion of the bill.

“Nowadays it can all be done electronically thanks to mobile and online banking and new technologies such as PayID through the New Payments Platform (NPP), meaning Aussies don’t even need to bring their wallet with them when dining out with loved ones, just their mobile phone.

“There are also mobile apps such as HeyYou which allow you to order and pay for your morning coffee through your mobile phone.”

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Source: PayWave: Australia will soon be ‘entirely cashless’ | NT News