Cards now beat cash

Townsville Bulletin - - NEWS -

AUSSIES ap­pear will­ing to adopt a cash­less so­ci­ety, re­search re­veals, with credit and debit cards top­ping cash as the most com­mon method of pay­ment.

Aus­tralians use cards more of­ten for smaller pur­chases, in line with the ex­plo­sion in tapand- go pay­ments.

The find­ings from the Re­serve Bank’s lat­est Con­sumer Pay­ments Sur­vey, held ev­ery three years, re­veal an ac­cel­er­at­ing shift away from cash across all age brack­ets.

Cards now ac­count for 52 per cent of pay­ments, up from 43 per cent in 2013 and more than dou­ble since the poll be­gan in 2007. Cash has fallen from 69 per cent of pay­ments in 2007 to 37 per cent.

“Con­sumers of all ages and in­comes are, on av­er­age, mak­ing a smaller share of their pay­ments in cash than they were a decade ago,” re­port au­thor Mary- Alice Doyle said.

Although con­tact­less card pay­ments have been widely adopted, phone pay­ments have not ex­pe­ri­enced a sim­i­lar rise.

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