Cash use is on a rapid decline in our modern society. Tap and go payments are becoming the norm now. A survey was done at Reserve Bank that showed this. The info was based on 1700 payments made by people and only 37 percent of them were made with cash. The rest of them were with a card. Most of the transactions that use cash are transactions that are not very expensive. But, that is still a lot of purchases.
- While the use of mobile tap-to-pay options are rising, bank official, Michele Bullock, insists that money, as a pay option, is neither sick, nor dead.
- While the convenience of contactless paying is moving society towards a paperless money system, Bullock insists small value sales still often paid, by paper money.
- According to Bullock, a third of transactions still take place using old-fashioned money.
“Cash use is in decline while tap-and-go payments are increasingly becoming the chosen payment method for customers, a survey from the Reserve Bank has revealed.”