Is your wallet about to become obsolete? Discover when Australia plans to go completely cashless

As the digital age accelerates, Australia is on the brink of a significant financial transformation.

Experts predict that by the end of this decade, the nation will become 'functionally cashless', a shift that is stirring concern among Australians.



With the closure of hundreds of bank branches and ATMs, a recent study revealed that 71 per cent of Aussies are apprehensive about transitioning to a cashless society, with 41 per cent expressing extreme concern.

The research by payments technology company Waave highlighted that Baby Boomers, regional Australians, and lower-income households are the most anxious about this change.


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A study showed that 41 per cent of Australians expressed extreme concern about moving towards a cashless society. Image source: Freepik



The fear is not unfounded, as two-thirds of Australians worry that going cashless could marginalise certain groups and worsen economic inequality.


Additionally, 58 per cent are concerned about the potential rise in banking and card fees.



Waave's Co-Founder and CEO, Ben Zyl, acknowledged that Australians are among the world's leading adopters of digital payments. However, he also recognised the legitimate fears surrounding consumer security and control within the current digital payments system.

Data theft, password complications, and exorbitant card fees and surcharges are at the forefront of these concerns.

‘There’s a lot of fear, particularly among those who can’t access alternatives or aren’t confident using technology,’ Mr Zyl stated.

The sentiment of 'cash nostalgia' is also prevalent, with nearly half of Aussies admitting they would miss the tactile experience of handling physical money.

He added: ‘Whether you’re younger or older, the psychology around cash is unique. We like the feel of it, the sense of control, and we tend to spend less when we pay in cash.’



Despite these concerns, the Reserve Bank's data indicated a decline in cash usage. Consumer cash payments plummeted from 70 per cent in 2007 to a mere 13 per cent in 2022.

In contrast, Australians made 30.2 million ATM withdrawals in January, the highest in a year, withdrawing over $9 billion, the largest amount since mid-2020.

Dr Angel Zhong, an Associate Professor of Finance at the Royal Melbourne Institute of Technology (RMIT), expects Australia to be functionally cashless by 2030.

This doesn't mean cash will vanish or lose its value; rather, consumer preference is increasingly leaning towards digital payments.

The transition is already in motion, reflecting a broader trend in consumer behaviour.



Professor Zhong is not alone in this sentiment. Finance Expert Sarah Wells also predicted that Australia will become a 'technically cashless' society in the near future.

‘All the changes we have seen have put us in a situation where we no longer need cash,’ she said.

‘There hasn’t been a requirement for it to come back out into circulation. Because people aren’t popping down and taking money out of the ATM or going to banks anymore,’ Ms Wells added.

The closure of 424 bank branches and the removal of 718 ATMs in the 12 months leading up to June 2023 further underscore this shift.

Despite this, the Big Four banks—Commonwealth, Westpac, Australian and New Zealand Banking Group (ANZ), and National Australia Bank (NAB)—have stated they will not go completely cashless.

As we navigate this transition, it's essential to consider the implications for all Australians, especially those who may not be as tech-savvy or who rely on cash for various reasons.

The move towards a cashless society promises convenience and efficiency but demands a thoughtful approach to ensure inclusivity and security.
Key Takeaways
  • Most Australians are concerned about the shift towards a cashless society, with research showing that 71 per cent of them are worried about the implications.
  • Concerns include the exclusion of certain demographics, exacerbation of economic inequality, and increased banking and card fees.
  • Waave, a payments technology company, highlighted that Baby Boomers, regional Australians, and lower-income households are the most anxious about this change.
  • Data from the Reserve Bank of Australia indicates a decline in cash use for consumer payments, dropping from 70 per cent in 2007 to 13 per cent in 2022, signalling a trend towards digital payment options.
How do you feel about the move towards a cashless society? Are you ready for the shift, or do you have reservations? Share your experiences and opinions in the comments below.
 
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Cash is King. Join the Farcebook group. There is a study by Canstar which states that on average Australians pay approximately $140 / yr in card transaction fees & most are hidden. I use cash 99% of the time.
 
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Must be alot of cash stashed. Usage is down but withdrawals are up.
Also any figures about cash usage will never be correct as soooo much is paid in cash and not accounted for.
You know, like $100 to the mate of a mate plumber that did a job for you, nails shops, etc.
 
I don't know where you are getting your information from but it is totally inaccurate. There will always be cash available even if the banks remove their ATM'S there are plenty of places where you will be able to access cash, the Post Office for example
But it's the banks job. Not the supermarkets or post offices.
 
Cash is King. Join the Farcebook group. There is a study by Canstar which states that on average Australians pay approximately $140 / yr in card transaction fees & most are hidden. I use cash 99% of the time.
Already in it. We all need to get on board.
It's easy everyone just search Cash is King on FB and join. The more members the bigger the push back.
 
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Cashless means the death of the Tooth Fairy! Say goodbye to helping children learn about money. No more grandparents giving some money to their grandchildren for a treat. No more money in a card for Christmas or a birthday. Sure there are gift cards but they are next to useless and attract fees. No more weekend markets and I am sure there are lots of other areas where cash is king. I got into the habit of using a card during covid but now I make a concerted effort to use cash wherever I can and for the sake of the Tooth Fairy I will continue to do so.
 
Dangerous. The banks are saying they will not go cashless completely - for now. However further into the future one flick of the switch & our lives would change for the worst forever. All about coercion & control from the powers that be. An Orwellian nightmare.
 
I spent an inordinate amount of time yesterday tryung to speak to a human at St George Bank re an email they'd sent me asking me to call them on 133330 re switching 2 of my accounts to low-fee accounts.
I could not get the "chat line" to help (it didn't understand my question). I could not get a human being to speak to and finally all that happened when I rang the number was, it ended the call.
These banks haven't a clue how to manage queries that sit "outside the box" yet they were the ones asking me to contact them!

I now need to ho to a branch to see a human being who, hopefully, can "think outside the square".
Problem is they really don’t care. One day the words “customer service” will be obsolete.
 
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No to cashless society, wef, nwo and globalism under unelected dictators like Schwab and Gates is a big red flag. Someone needs to start another French revolution, lop from the top.
 
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I don't like the idea of going cashless . The internet has gone done several time and people were unable to use phone transfers for payment. And the the banks are going to hit every one higher chargers as they can charge what they like. I don't trust them at all.
 
Draw out CASH DAY Tuesday go and do it to prove that we still need cash .The government is full of shit .Look at the covid vax lies slowly being exposed and the lying sods are still pushing it to make money from big pharma who have been given protection from any responsibility for vax injuries.Same bullshit about the use of cash decline from the same mob.No cash no freedom learn to speak mandarin you will need to.
 
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In most Western countries the black economy is about 10%. Although it is illegal it's not all criminal activity. Just moving home cleaners to card would create problems and certainly increase administrative costs.
 
There are many places in the country with limited internet or spasmodic connections so how will they survive, try going across the Nullabor for example. A terrorist only has to bomb our power supplys to wipe us out, bring us to a standstill economically.
 
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How can they go cashless? No way would I hand over my credit card at a market. You walk around stall to stall buying from different stall holders you need cash for that! If we only use cards there will be a fee added so shopping will cost us more. You go to buy something g for say $2 why use a card? The fees will be a killer. We need cash. People in the streets will no longer receive cash money. Buskers etc It is a stupid idea. Cash is needed. Especially at markets. I like shopping there for fruit & vegies but I will not use a card there. So they will miss out & I will miss out on cheaper food. Also no more garage sales. 🙁
 
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When I was young we "WERE" the lucky country. It was said we were living off the sheeps back.
Now we have become the SHEEP.
Our country is so overgoverned by idiots we are becoming the laughing stock. We are told what to say (can no longer voice our opinions without fear of offending some group or other) I was once so proud to be Australian. Now I see Albo trying to prove we can lead the world, other countries do not envy us as he thinks.
They are laughing at us.
 
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I don't know where you are getting your information from but it is totally inaccurate. There will always be cash available even if the banks remove their ATM'S there are plenty of places where you will be able to access cash, the Post Office for example
Use be wonderful to be so naive.
 
When I was young we "WERE" the lucky country. It was said we were living off the sheeps back.
Now we have become the SHEEP.
Our country is so overgoverned by idiots we are becoming the laughing stock. We are told what to say (can no longer voice our opinions without fear of offending some group or other) I was once so proud to be Australian. Now I see Albo trying to prove we can lead the world, other countries do not envy us as he thinks.
They are laughing at us.
Exactly!
 
How can they go cashless? No way would I hand over my credit card at a market. You walk around stall to stall buying from different stall holders you need cash for that! If we only use cards there will be a fee added so shopping will cost us more. You go to buy something g for say $2 why use a card? The fees will be a killer. We need cash. People in the streets will no longer receive cash money. Buskers etc It is a stupid idea. Cash is needed. Especially at markets. I like shopping there for fruit & vegies but I will not use a card there. So they will miss out & I will miss out on cheaper food. Also no more garage sales. 🙁
It doesn’t matter if we need it. It won’t be available.
google One World Order. No Cash! Police world wide dressed in same uniform, Victorian Police already dressed in plain black swat uniforms with no police markings and carry advanced weapons! 15 minute satellite cities being built etc ect ect!
If you believe this won’t happen the you are blind!
 
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