Due to the covid pandemic, you may have just three years to adapt to a world almost completely without cash, according to new research.
The study, released by Worldpay, showed Australia would be one of the top five nations leading the charge towards a cashless society, as we (Australians) are adopting digital wallets and buy-now-pay- later services at an exponential rate.
Less physical currency circulating in the economy, would be detrimental for charities, homeless people and those who use it to track spending?
The sixth Annual Global Payments Report, which analyses trends in 41 countries, has predicted cash payments would represent just 2% of all in store transactions in Australia within 3 years (down from 15%) making Australia one of the country’s first to prefer other modes of payment rather than cash. Following the lead of Sweden, Denmark and Hong Kong.
The 34.7 million ATM withdrawals made in December 2020, worth $9 billion, is proof that there is ongoing support for cash.
So how are you preparing for this change in your Business, Club or Association?