Australia tipped to be first to go cashless
More than half of all Aussies think that the land down under will be the first to embrace digital-only payments and go cashless, recent research commissioned by MasterCard has shown.
Although retailers in Denmark could begin phasing out cash this year, Aussies still believe we’ll beat them to the punch. The research, which surveyed just over 1,000 Australians of all ages found that Australians are preparing themselves for the change to a cashless economy, as 58% of Aussies predict more and more cash will be removed from use over the next five years.
Already, markers of the change are being revealed, with 64% of Aussies reducing the amount of cash they carry on them, while 53% now carry less than $50 in cash at any one time. The findings were supported by RBA figures that showed ATM withdrawals were on the decline.
Speed and convenience drive the willingness for change, with around 40% of Australians wanting to see coins phased out before notes because of the annoyance and hassle of carrying small change.
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Safety concerns also figure into the equation, as Andrew Cartwright, SVP and Country Manager at MasterCard said. “Australians have long considered credit and debit cards a fast and convenient way to pay, but what we are starting to see is a real understanding of, and appreciation for, the safety benefits of cards over cash.”
36% of Aussies believe a cashless society would be a safer one. Cartwright said this is likely due to the fact that, “Australians know that in the instance their wallet is stolen or lost, any cash is as good as gone. However, knowing they’re protected against any unauthorised purchases on their cards provides the peace of mind they need in an already unfortunate scenario.”
The shift toward digital-only payments might leave some cash-only businesses in a tight spot. A considerable 89% of Aussies have negative perceptions of cash-only businesses and one in three (39%) believe cash-only retailers should be embracing the shift toward eliminating cash.
Are you prepared for a cashless Australia? Check out our debit card comparison and get yourself set up with some competitive plastic.
Debit card comparisons on Mozo - last updated 17 May 2024
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Everyday Global Account
$0.00
Apple Pay, Google Wallet
Visa Debit
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
CompareCompareEveryday Global Account
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app. Receive 2% Cashback on eligible tap and pay transactions under $100. Mozo's Experts Choice 2024 winner for Exceptional Everyday Account.^
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free transactions from HSBC ATMs, EFTPOS, phone, internet, BPAY and direct debits
Read our Mozo Review to learn more about the Everyday Global Account
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Everyday Options
$0.00
Apple Pay, Google Wallet, PayID
Visa Debit
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareEveryday Options
An easy, everyday banking account packed with flexible options to help you spend, budget & save better. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Everyday Options
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Spend Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
Visa Debit
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
CompareCompareSpend Account
No monthly fees and no charges for overseas or online payments from ubank. Stay one step ahead with ubank’s spending insights and bill prediction. Apple Pay and Google Pay compatible. Deposits guaranteed up to $250K per customer.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, Fitbit Pay, Garmin Pay
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited eftpos, debit, ATM, and banking app transactions using internet banking or the ubank iOS or Android app.
Read our Mozo Review to learn more about the Spend Account
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Glide Account
$0.00
Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
Visa Debit
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
CompareCompareGlide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees. Access Any Major Bank & MyState Bank ATM Fee-Free.
- account fee
- $0.00
- Payment Options
- Apple Pay, Google Wallet, PayID, Samsung Pay, FitBit Pay, Garmin
- what kind of card
- Visa Debit
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free internet transactions.
Read our Mozo Review to learn more about the Glide Account
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Carbon Insights Account
$0.00
Apple Pay, PayID, Google Pay
Visa Debit or
EFTPOSAn online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
CompareCompareCarbon Insights Account
An online-only transaction account with carbon insights available through the Suncorp App. $0 monthly account keeping fees & option to add up to 9 sub-accounts.
- account fee
- $0.00
- Payment Options
- Apple Pay, PayID, Google Pay
- what kind of card
- Visa Debit or
EFTPOS
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $0.01: 0.01% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, atmx ATM, Big 4 banks ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Carbon Insights Account
Your selected debit cards
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Your selected debit cards
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Your selected debit cards
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