Our third Milestones Report shows that as with cheques Australian consumers are increasingly giving up cash in favour of cards, mobiles and online solutions. But unlike cheques, cash will not disappear as a payment method in the digital economy, remaining as a default method if nothing else is available.
Today’s Report on Australia’s progress on transitioning payments to the digital economy provides a special focus on cash. It draws from research we commissioned on 'The Evolution of Cash: An Investigative Study' developed by RFi Consulting which has also been released today. Both reports are available at www.apca.com.au.
The new research shows that Australians are using less cash as the uptake of contactless and other electronic payments continues to gain pace. The number of cash payments has declined 5% since 2005 - down to an estimated 11.7 billion in 2013 - reflecting the changing way in how consumers pay. This decline is predicted to accelerate, dropping a further 20% over the next few years before it plateaus in 2018.