28 June 2022 15:55
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Australia to be completely cashless by 2024, says report

Do you think cash is the most reliable way to pay? When was the last time you were paid in cash?

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A recently released report has predicted that cash will mostly be phased out in Australia.

This could happen within 3 years as people are using more card-only transactions.

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According to the latest annual Global Payments Report by fintech company FIS, Australia will be mostly cashless within a few years.

The report states that COVID-19 is accelerating the pace of cash’s decline:

“The pandemic accelerated the decline of cash by over three years, exceeding in 2020 our previous projection for 2023.”

The research projects only around 2 percent of transactions in Australia will be cash by 2024.

This is going to be a massive drop from 8.3 percent in 2020.

It also predicts Australia will continue to embrace “buy now, pay later” products such as Afterpay.

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Australia is in the fourth place at this stage closely following Sweden, Denmark and Hong Kong in the list of cashless countries.

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