Cards now beat cash
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.