Australia is now ranked 6th in the world when it comes to the ‘nearly cashless’ societies. We’re leading the way in the Asia Pacific region as we move to faster and more convenient electronic payment methods such as “tap & go”. Interestingly, Australia leads both China and the US in moving away from cash, with cash transactions accounting for just 15% of our payments. Cash payments represent 45% and 20% for China and the US respectively.
This data comes from MasterCard, who today revealed in a new global report “The Cashless Journey” that shows Belgium as the world leader in leaving cash behind, where an estimated 93% of the value of consumer spend was cashless. Next in line was France at 92%, followed by Canada at 90%, UK and Sweden at 89%.
Personally I’m proud Australians are amongst the leading countries in moving past cash. I can’t wait for the end of cash as electronic transactions are better in every way. When it comes to business, things get a little more difficult as cash in hand can often afford opportunities to skip on tax. Given the relatively short timeframe that internet banking has been around, it’s a far more successful transition than the move to a paperless society.