Do you think cash is the most reliable way to pay? When was the last time you were paid in cash?
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.
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.
Australia is in the fourth place at this stage closely following Sweden, Denmark and Hong Kong in the list of cashless countries.