In the not-to-distant future, Australia will move to a cashless society. This move will have big implications to the small business sector once it is established. Digital transactions will replace cash. There are some key issues like saving the small business money and time. A cashless society makes business more transparent. The idea of cash or paper documents to handle cash transactions is obsolete. The cashless society would allow people to access cash through their mobile phones using New Payment Platforms.
Key Takeaways:
- A cashless economy will save small businesses money and time.
- MYOB says the future will be cashless and has encouraged the Federal Government to plan for an Australian economy featuring alternative currencies such as Bitcoin.
- Digital transformation is a challenge that requires a phased, collaborative approach to ensure we can create solutions which enable entrepreneurship and innovation to thrive in Australia
“Australia should be a digital nation. This will require investment, but it will pay off for the country as a whole.”
Read more: https://insidesmallbusiness.com.au/finance/is-cash-dead
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