Between 2010 and 2016, cash purchases fell by 46% in Australia. During the same period, credit card sales dropped by 11% and debit card purchases increased by 56%. During the same period, the Reserve Bank figures showed a decrease in ATM withdrawals. This combined with the increasing popularity of wearable and mobile-based payment lead to discussions on how Australia might transition to a cashless society. The transition will not be without growing pains, as only 82% of merchants either accept or plan to accept online payments, and few small businesses have migrated to mobile-friendly websites. Without a question, trends in Australian business are changing, and will continue to evolve over the next several years.
Read more: Is a cashless society fact or fiction?
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