The health risks associated with coronavirus is forcing us to rethink how we live our lives. In considering how we safely go about our lives, cash is not being accepted at a number of businesses.
Australia has been one of the leading countries in the world in the adoption of touchless, tap and go payment technology. This places us in a great position to continue paying for goods, without physical contact with the people selling us the goods.
However you do tap and pay (card, phone or watch), it’s much cleaner than cash which is traditionally passed between many people, any of which could have the virus.
There’s still not a lot of data about how long the virus can survive on non-living surfaces, but we have an opportunity to not touch cash at all.
As we increase this transaction method, as well as shopping online, this is a chance for Australia to move past cash and I don’t think we should ever go back.
When you’re in a queue to purchase goods, cash transactions take longer. Not only does that take longer for the shoppers, but also reduces the transaction rate and overall income potential for business.
As soon as my bank enabled tap-and-pay, I jumped on it and have never looked back. My bank now supports Google Pay, so most of my transactions are paid using my phone. This is so frictionless, fast and simple that using cash just feels completely unnecessary and if it wasn’t for my ID (hoping Victoria offers digital licenses soon) I’d ditch my wallet completely.
When I first started paying digitally at retail, I did face a number of shops that only accepted cash, but over the last few years, that’s all changed. Not only does every shop I enter have an EFTPOS terminal that supports tap and pay, so do the edge cases.
Everything from kids amusement rides, to vending machines, even car washes have all added tap and pay support.
Sorry Cash, I don’t want you back, ever.