Australians using cash less and less
Recently released figures have shown that the level of cash being used to make transactions in Australia has fallen, as more and more people turn to cashless ways to pay for their purchases.
For most people these days being able to enjoy convenience and ease is of the utmost importance, and this is also true when it comes to methods of payments for purchases. In the past most people used to carry around cash or a cheque book to make payment for purchases but this is a trend that is steadily changing as more and more Australians look towards a cashless society.
Figures that have been recently released have shown that the number of people making cash withdrawals and using cash to make payment for purchases has been falling, and an increasing number of consumers are turning to plastic to pay for their purchases, leading to what is becoming a cashless society. The data comes from MWE Consulting, which showed that there was a fall of over six percent in ATM withdrawals last year.
An official from MWE said: “We have been seeing a reduction in cash transactions on credit (card) for a long time . . . but what is significant is this (debit card) reduction, which accelerated in the last year. I think that’s a sign that Australians are beginning to move away from cash as their staple payment product.” He added that figures showed that “we are finally beginning to move towards a cashless society”.
Another type of up and coming technology that Australians will be moving towards is contactless plastic, where credit and debit cards simply need to be tapped on a reader in order for the transaction to be made.
Source - The Australian