BLUF

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.

Summary

KEY POINTS:
  • 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.
READ: Australia's transition to a cashless society raises concerns about financial exclusion, privacy and safety

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