Businesses and consumers are now making abrupt shift to digital payments. Most Australian carry less cash and expect electronic payment to be available anywhere.
Aside from businesses, charitable institutions quickly embrace digital payment options during fundraising events like Australia's Biggest Morning Tea used Apple Pay and Daffodil Day used mobile payment devices and apps to receive cashless donations.
CEO Sanchia Aranda said, “We want to be able to use all the technologies available and be a modern charity. There’s no doubt that charities need to stay ahead of the technology and make sure it is embedded into the way that we do fundraising.”
Reserve Bank of Australia (RBA) governor Philip Lowe mentioned in his speech late last year that, “that cash could become “a niche payment instrument”, noting that at the turn of the decade Australians went to an ATM, on average, about 40 times per year.”
Today, the use of ATMs and cheques declines continuously, a sign that both are heading their way out. On the flipside, Australians utilises digital payment on different transactions at least 500 times a year on an average.
Australian Taxation Office revealed the result of their recent research which showed that across every part of the economy, the move away from cash has gathered pace – most people are carrying less cash and the vast majority of people and businesses expect electronic payment to be available.
Peter Holt, Australian Taxation Office (ATO) assistant commissioner, mentioned, “People under 35 are carrying less than half as much cash as those over 65, but the amount of cash people are carrying is falling across the board – the days of buying a car or even a washing machine with cash are rarer than ever.”
Technological advancement is one of the reasons behind the death of cash and the shift towards cashless society.
From tap and go, to credit and debit card payments, EFTPOS. online payments and smartphone and tablet card processing, businesses, as well as consumers are more than willing to adapt to new payment platforms and change.
Despite the demand, there are still a lot of businesses who prefer cash simply because they do not know how transactions thru digital payment works. The future of those who resist change is not going to look bright.
Businesses need to keep this in mind in order to survive - know what your customers want and what they want is the convenience and security of cashless transactions.
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