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Following on from my recent cashless experience at the Adelaide Oval, I read with interest in today's Daily Telegraph, that Australia could become a completely cash-free society in just 3 years!

Experts advise cash is well on its way to becoming a collector's item!

Australians are already the 6th highest users of electronic payments globally, with only 37% of householders using cash as compared with 69% a decade ago.

Following is a comparison of countries currently leading the 'charge to being cashless':

Belgium: Noncash payments' share of total value of consumer payments: 93%. Percent of population with a debit card: 86%

France: Noncash payments' share of total value of consumer payments: 92%. Percent of population with a debit card: 69%

Canada
: Noncash payments' share of total value of consumer payments: 90%. Percent of population with a debit card: 88%

UK: Noncash payments' share of total value of consumer payments: 89%. Percent of population with a debit card: 88%

Sweden: Noncash payments' share of total value of consumer payments: 89%. Percent of population with a debit card: 96%

Australia: Noncash payments' share of total value of consumer payments: 86%. Percent of population with a debit card: 79%


Netherlands: Noncash payments' share of total value of consumer payments: 85%. Percent of population with a debit card: 98%

 

Richard Holden, Professor of Economics at the University of NSW adds:

'Australia already has a sophisticated electronic infrastructure, with among the highest penetration of cashless payment systems in the world!'

(Soures: Daily Telegraph, RBA and Medici)

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