A new study by the International Journal of Electronic Business has revealed that even though Australian’s currently withdraw more than $11 billion in cash each month, cash could become obsolete within the next ten years as transactions using tablets and smartphones become the norm. It is increasingly likely that the next generation will not grow up saving and counting coins and notes like most of us did.
But will it be all that noticeable? Considering 82% of Australian transactions are already non-cash transactions, we may have already phased out our money boxes. Transactions in a cashless society could be fast, safe and more convenient. It could also be cheaper if the Government were to pass the savings from not printing money down to the taxpayer. Did you know the 5c piece costs 7c to produce? Send us your thoughts.