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Cashless society closer than we think

Published: July 12, 2017
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Source: AU.News

 

While the Greeks rush to hang on to any cash they can find, Denmark has predicted it'll be the first country in the world to get rid of notes and coins altogether.

They'll be replaced by plastic and tap and go technology as soon as next year.

And Australia might not be far behind.

It's been half a century since Australian said goodbye to pounds and pence..

Now it's almost time to farewell dollars and cents. Reserve Bank data recently revealed ATM withdrawals are at their lowest levels in a decade.

But contactless transactions like tap and go have exploded - in just one year Mastercard PayPass payments increased a staggering 130 per cent and there's no minimum spend.

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