Cash payments plummeted during the first two years of the coronavirus pandemic and show little sign of bouncing back, according to Reserve Bank of Australia (RBA) figures.
- The RBA says that cash accounted for just 13 percent of all payments made in 2022.
- Just seven percent of Australians are ‘high cash users’.
- That's a 50 percent drop since 2019.
- The ability to pay by tapping our phones is believed to be one of the reasons that the use of cash is trending downwards.