Australia is on track to become a functionally cashless society by 2030, with experts warning that the shift is inevitable. The trend towards digital payments is being driven by consumer preferences, with more people opting to use digital payment methods over traditional cash.
The COVID-19 pandemic has accelerated the decline in cash use, with the increased adoption of digital wallets on smartphones and watches contributing to the shift. As a result, many businesses are now opting to accept digital payments only, with the majority of customers happy to oblige.
The move towards a cashless society raises concerns for certain segments of the population, including older Australians who may need help to embrace digital payments. Regional areas may also require infrastructure to be built to support digital payments, and some businesses may be exempt from a cash mandate depending on their size and location.
To prepare for the transition, consumers can support legislation that protects cash as a legal form of payment and refuse to support businesses that refuse cash as payment. It is also important for individuals to learn more about the decline of cash and what it means for the future.
The government is taking steps to support the transition, consulting on a cash mandate that will require businesses to accept cash for essentials. Regulators are also forcing the industry to strengthen domestic infrastructure for payments, ensuring that the shift towards a cashless society is as seamless as possible.
Australia is moving toward a cashless society, with predictions it will be “functionally cashless” by 2030.
Reasons for the shift include
- Consumer preferences for digital payment methods
- The COVID-19 pandemic accelerating the decline in cash use
- Increased use of digital wallets on smartphones and watches
Implications for Australia
- Businesses may be exempt from a cash mandate depending on size and location
- Older Australians may need help to adopt digital payments
- Regional areas may require infrastructure development to support digital payments
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