Australia Has Moved Beyond The Need For Money

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:

• MONEY 01: COLLECTION | The Runway (airforce.gov.au)

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
• RAAF RUNWAY: RATIONALE, GUIDELINES, LEARNING OUTCOMES, ETC |