A NEW study has claimed cash will be obsolete within the next 10 years with smartphone, tablet and credit card transactions becoming the norm.
According to the International Journal of Electronic Business, Australians withdraw over $11 billion (R133bn) in cash from ATMs monthly. But 82 percent of payments are non-cash transactions.
Bjorn Behrendt from Mint Payments, a payments-processing provider, believes we are facing the death of “real money” and within the next decade we will be living in a cash-free country because of advanced technology.
Behrendt said although most people who were adults today grew up learning the value of cash through pocket money made up of notes and coins, the next generation would be in for a very different experience.
“There’s pretty solid data that Australian’s are embracing debit cards and credit cards quite heavily,” he said. “Denmark has already announced a few weeks ago that they wouldn’t need to print any physical cash anymore and they would transform Denmark into a cashless society.”
Behrendt claims the emergence of new technology trends hitting Australia, like Mint mPOS and Apple Pay, means it is only a matter of time before carrying cash will become a thing of the past. While Apple Pay has not yet launched in Australia, he claims when it is linked to the Apple Watch it takes banking to the next level. – Daily Mail