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Australians are inexorably moving away from cash (notes and coins) toward a cashless society.Summary
This article by Jamie Weiss, writing for DMARGE, makes the following points:
- Contactless tap-and-go payments alone account for around 55% of in-person transactions.
- Ironically Australia is still investing heavily in printing expensive polymer banknotes, as cash is still required for the following reasons:
- When technology fails, physical cash is a reliable payment method.
- Can helps limit exploitive merchant and bank transaction fees.
- Privacy concerns are associated with stored data on cards and accounts.
References
Recent Runway Posts related to this topic:
References from the Web :
- JAN 2022 Fears of 'cashless society' shrink as Reserve Bank of Australia data shows ATM withdrawals are trending up – SkyNews
- MAR 2022 Cashless society looms: Australians tipped to move away from cash by 2025 – 9News
- APR 2022 Australians shun cash, but 70% still oppose a cashless society – Mozo
Source Information DMARGE
- Article Source: DMARGE
- Media Check: About Us/DMARGE
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