Appco Australia asks: are Aussies going cold on cash?
Updated: Dec 10, 2018
Did you know in the last six years, Aussies used 20 per cent less cash? Yes, according to the Reserve Bank of Australia, we’re going cold on cash and opting for electronic transactions instead. Appco Australia explores the possibility of a cashless economy.
So why are we moving towards a cashless economy? We live in an increasingly digital age, where electronic payments simplify life. From ordering your morning coffee to topping up your travel card, you can use your mobile phone or use a contactless card to pay for almost anything, in an easy, efficient, convenient and secure way.
The evolution to electronic payment has certainly been well received, with a recent report by Westpac Cash Free showing the majority of smart phone users made 53 per cent of their payments digitally and 79 per cent believed it would soon become the norm.
Although Australia isn’t completely cashless yet, we’re heading in that direction. The Reserve Bank of Australia plans to launch new technology by the end of 2017, which encourages everyday Australian’s and businesses to use electronic payments. It’s called the New Payments Platform (NPP) and it promises to deliver almost instant payments to recipients, even if they're not with the same bank. This will eliminate the need for BSB and account numbers and remove the time lag from when a transaction is made to when it hits an account.
The move towards a cashless society is also happening in other parts of the world, including Sweden, Singapore and France. Developing economies – including India, Mexico and Africa – are also making moves towards becoming cashless.
It’s hard to say if or when Australia will become a cashless economy, but we’re adapting to technology very quickly. Having the option to pay using easy, efficient, convenient and secure methods encourages this transition.
At Appco Australia, we consider ourselves to be a tech-savvy bunch and welcome innovation that allows us to work and deliver our services more efficiently. We do this by integrating technology into the campaigns we create for our clients and within our own business operations. Our experience with technology continues to progress as we discover better ways to use it.