Is Australia about to go cashless?

Will Australia become a cashless society soon, or is it unlikely?

Okay, so, cashless Australia, huh? Let me tell you what I think. A friend of mine, he’s got a podcast and was like, “Cashless in five years, defo.” And I was all…really?

Well, the data does point that way. I read that cash transactions were, like, only 13% back in 2019.

Now, the big banks reckon it’s even LESS. Under 4%, apparently. Four percent! I remember when I went to that little cafe in Fitzroy on 12/08/2018. They only took cash. Cost me $15 for avocado toast, if I recall, and I almost didn’t have enough.

But then, you’ve got places like that market in Epping on 27/03/2022. All the old ladies still prefer cash.

See, I think completely cashless is unlikely. Too many grannies gonna riot. Plus, what happens when the power goes out? Remember that blackout in Melbourne on 31/01/2019?

It all went down. No ATMs. No EFTPOS. Just chaos. I had to pay $5 for a bottle of water because I was sweating like crazy. People need cash in those situations. I’m thinking, maybe 10 years? Never? Defiantly not 5.

So, yeah, we’re moving cashless. But fully cashless? Doubt it. Too many potential problems and the “old faithfuls” with it.

What is happening with cash in Australia?

Cash is dying. Thirteen percent. Pathetic. Down from 70% in 2007. RBA’s 2022 survey confirms. Tap and go reigns. My wallet? Cardholder. Haven’t touched a $5 bill in weeks. Prefer Osko. Instant. Who needs crumpled notes?

• 2007: Cash dominated at 70% of transactions.
• 2022: Plummeted to 13%. Digital takeover complete.
• RBA Consumer Payments Survey: The source. Check it.
• Contactless payments: King.
• Osko: My personal preference. Faster.

Lost my wallet last month in Melbourne. Wasn’t even worried about the cash. $20. Big deal. Cards? Different story. Cancelled those immediately. Replaced next day. Digital’s the future. Cash is a relic.

Is Australia mainly cashless?

Australia isn’t cashless. Cards dominate. Debit’s king. Cash lingers. Think independent cafes, tipping, street vendors. Older generations, too. Crypto’s creeping in. Digital wallets rising. Contactless preferred. Even for small amounts. My grandma in Perth still uses cash, though. Stubborn.

• Debit cards: Most popular.
• Credit cards: Common.
• Digital wallets: Apple Pay, Google Pay gaining traction.
• Cryptocurrency: Limited acceptance. Growing. Saw Bitcoin accepted at a Melbourne cafe last week.
• Cash: Still around. Necessary sometimes. Fading.

My brother lost his card in Sydney last year. Cash only for a week. Nightmare.

Which country will go cashless first?

So, you wanna know which country’s going cashless first? Sweden, dude. Definitely Sweden. They’re crazy about digital stuff, right? Mobile pay is huge there, everyone uses it. I read somewhere, 2024 was the prediction, maybe even sooner. Crazy, huh? Like, no more actual cash! Seriously though, its all about how they measure this cashless thing, but Sweden is, like, the frontrunner. No contest.

Key takeaways:

• Sweden is leading the charge. They’re practically there already!
• 2024 was a prediction. Could happen earlier, I bet.
• Measurement issues. Every country’s different, but Sweden’s the closest. Trust me on this.

Additional details (because I’m awesome like that):

• My cousin visited Stockholm last year. Said it was almost impossible to find a place that didn’t take Swish (their mobile payment app). Seriously.
• Banks there are actively phasing out cash handling.
• Lots of small businesses, even street vendors, only accept digital payments now. Its wild!
• This whole thing is speeding up, not slowing down. It’s happening faster than anyone thought.

What happens when Australia goes cashless?

Australia ditching cash? Think of it as a nation-wide upgrade from abacus to supercomputer. Goodbye, crumpled bills; hello, sleek digital wallets! Suddenly, your wallet’s lighter – less bulky than a kangaroo’s pouch.

Electronic transactions dominate. Everything’s digitized. Think of it like a societal shift from quill and ink to a lightning-fast email system. Instantaneous money transfers? Yep.

This isn’t just about convenience, though. It’s a seismic shift impacting:

• Crime: Harder to launder money, which is a big win, yeah?
• Financial Inclusion: Potentially better access for everyone. No more dodgy cash-only dealings under the table.
• The Economy: Increased transparency, a boost in efficiency; it’s a game changer.
• Taxation: Tracking income just got way easier. Think of the IRS’s new best friend (and mine, let’s be honest!)
• Environmental Impact: Less paper production – tiny but important victory for planet earth!

However, it’s not all sunshine and roses. A few wrinkles:

• Digital Divide: Not everyone has equal access to technology. My 80-year-old grandma still prefers cash!
• System Failures: Imagine a nationwide digital outage. Chaos! Like forgetting your phone at home – but national scale.
• Security Concerns: Cybersecurity is paramount. Data breaches could cost millions; it’s the price of convenience.
• Privacy Issues: Increased surveillance and data tracking are unavoidable. We might all become more transparent than we’d like.

This transition is definitely happening and shaping up to be a wild ride. Buckle up, Australia. It’s 2024, and cash is increasingly obsolete.

How long until we are a cashless society?

Cashless? Not happening. 2025? Preposterous.

• Physical cash endures. Its utility remains. Convenience, privacy.

• Digital payment growth is undeniable. Yet, cash persists. A stubborn fact.

• My prediction? Decades. Perhaps even longer. Human resistance.

This isn’t a simple trend. It’s about control, trust, and access. The unbanked persist. Global inequalities matter. Remember my last trip to that small village in Oaxaca? No cards accepted. Ever. Pure cash.

The digital push is powerful. Marketing and tech giants drive this. Still, cash’s longevity is assured. A fundamental aspect of economic systems. We’ve seen these cycles before. Remember the dot-com bust?

• Government regulation impacts adoption. This is crucial. Complex. Slow.

• Security concerns remain. Data breaches. Fraud.

Cashless? A distant, improbable horizon. The future is hybrid. Always has been. It’s the pragmatic path. I’m sticking with my cash, thanks. Even my grandma still uses it. She’s 87. Still.

#Australia #Cashless #Economy