Friday, May 31, 2024

Australia prepares to go cashless

Australians think that the land down under will be one of first in the world to go cashless and believe retailers need to embrace payment innovations that eliminate cash.

Galaxy research commissioned by MasterCard, found that Australians are slowly preparing themselves for the switch to cashless, with two-thirds already reducing the amount of cash they carry on them – more than half now carry less than $50 in cash.

Some Australians would even be happy to see coins phased out sooner than paper (42 per cent), marking them cumbersome and annoying to carry (40 per cent). While speed and convenience continue to drive the popularity of card payments, the readiness to flip from coin to card could also be a result of increased safety concerns. Thirty-six per cent of Australians believe that society would be safer if cash wasn’t around.

MasterCard SVP and Country Manager Andrew Cartwright says the safety advantages associated with cards will play a big role in the adoption of a cashless society.

“Australians have long considered credit and debit cards a fast and convenient way to pay, but what we are starting to see is a real understanding of, and appreciation for, the safety benefits of cards over cash,” he said.

“Australians know that in the instance their wallet is stolen or lost, any cash is as good as gone. However, knowing they’re protected against any unauthorised purchases on their cards provides the peace of mind they need in an already unfortunate scenario.”

As the likelihood of a cashless country increases, businesses are urged to stay ahead of the curve, with 39 per cent of Australians believing retailers need to do more to embrace new payment innovations to help eliminate cash. Cash-only businesses may have a longer way to go in the eyes of modern shoppers. Most Australians (89 per cent) have negative perceptions of ‘cash-only’ businesses, associating them with being very small (70 per cent), trying to avoid declaring income or paying tax (42 per cent), and being unsophisticated (19 per cent).

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