One in five Australians prefer to use cash when making purchases and the majority of the country’s population is turning to digital payments - based on a new report from Colmar Brunton, commissioned by the Australian Taxation Office (ATO).

“Cash is only the preferred payment method for transactions under $5, and for anything over $50, the majority want the ease and security of an electronic payment,” said ATO Assistant Commissioner Matthew Bambrick. “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.”


As a result, 60% of Australians admitted that they carry no or limited cash, whilst 90% of businesses readily accept electronic payment. 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.



Refer article by Jonathan Dyble for Business Chief.

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