IT is often mentioned that COVID 19 changed our personal and business lives for ever.
COVID 19 sped up the process of consumer’s moving away from using cash for purchases.
I dont know if it is coincidence, but Australian Banks have closed over 700 branches from 2020 to 2023 (as reported in The Sydney Morning Herald Sat 21/1/23).
How will you seek help from your bank, if you cant visit them?
A cashless economy is closer to realty, according to the Australian Banking Association, which states that the number of people leaving home without their wallet and relying on their phone or another device to pay for goods or services has doubled in 3 years.
This is as reported in The Weekend Australian on May 13 2023.
According to the report from Australian Banking Association, consumers leaving their wallets and purses at home, has risen from 19% in 2019 to 38% in 2022.
Payments using methods other than cash are increasing rapidly.
One in two Australian smart phone users, say they have used their mobile phone to make a purchase in-store, in-app or on a website, rising from 18% in 2019 to 49% in 2022
What are your thoughts?
How have you prepared for this in your business?