News

Is it curtains for cash 'down under'?

August 16, 2013

Cash payment could soon be finished in Australia, according to that nation's central bank. The Reserve Bank of Australia said the decline of cash was indicated by a strong tick upwards in debit and credit card use.

An article by Business Spectator said figures from EFTPOS payments provider Tyro Payments showed that more than 80 percent of all transactions were charged to cards in fiscal year 2012-2013.

"It is conceivable that we are not far off when consumers leave home entirely without cash, armed only with a credit or debit card to pay for anything from a package of chewing gum to a new car," Tyro Payments CEO Jost Stollman said. 

 Read more about trends and statistics.