Australians fast to vacate cash purchases

NATIONAL

FIS analysed the payment trends of forty countries. Their Global Payments Report found that Australians are among one of the fastest countries in the world to quit using cash for the payment of goods, moving towards a cashless, digital society.

The report predicts that only 2 percent of transactions will be made with cash by 2025. Currently this is around 7 percent. This change in behaviour was accelerated by COVID-19, however FIS maintains that cash will always have a “place in certain areas of society.”

It is predicted that Australia’s e-commerce market will soar, by an estimated 50 percent by 2025 to $97 billion. Digital wallets are expected to overtake credit cards at this time.

Source: Channel News

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