A new report from Colmar Brunton, commissioned by the Australian Taxation Office (ATO), has shown that just one in five Australian’s prefer to use cash when making purchases, with the majority of the country’s population having turned to alternative methods, namely digital payments.
The research has revealed that consumers are enjoying the convenience of cashless payments, removing the need to carry around or withdraw cash before making a payment, whilst also allowing transactions to become easier and more secure.
“The research shows that cash is only the preferred payment method for transactions under $5, and for anything over $50, the vast majority of people want the ease and security of an electronic payment,” said ATO Assistant Commissioner Matthew Bambrick.
“Where we once saw people walk into car dealerships with cash in hand, cash has now been relegated to the morning coffee.”
As a result, 60% of Australian’s admitted that they carry no or limited cash, whilst 90% of businesses readily accept electronic payment.
Further, the fact that 57% of the population uses less cash than five years ago indicates that Australia is potentially already heading towards a cashless society in the future.
“The business community knows what people want, and 86% of businesses agree that most customers expect to be able to pay via electronic means,” Bambrick continued.
“This research indicates that the trend away from cash will only gather pace. This is more than a passing fad. This is the way of the future.”