Australia: Australia’s future is cashless

In recent years, Australia has been a world leader in adopting cashless technologies. Many aspects of Australian society have embraced the move to digital, with retail outlets, public transport and road tolls having easy forms of cashless payments. Australia’s ability to embrace digital has led many to believe that the country’s future is going to be completely cashless. RFi Group data supports this theory. Since early 2015 RFi Group data has seen a steady decline in the use of cash to make purchases, falling from 93% in march 2015 to 85% in November.

Australia can benefit from a cashless society reduced payment times and reduced tax revenue loss being at the forefront. Every year the tax revenue lost to cash payments is significant, with the Australia Institute estimating in 2012 that losses neared $3.3 billion dollars. While there are many benefits for Australia in becoming a cashless society, it is unlikely to soon as the majority of Australians still prefer to use cash for small purchases.

Source: RFi Group

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