Cash no longer king

Wilson Asset Management

Australia is now at a tipping point in its transition from a cash-based to a cash-free economy as significant innovations in payments technology bring unprecedented convenience and efficiency to transacting electronically. The proportion of payments made using cash has plunged and ATM withdrawals are falling while the use of contactless debit and credit cards has surged. New mobile technologies allow smartphones to be used as digital wallets and effective EFTPOS terminals. In an article published this week in the Australian Financial Review, I discussed this key economic theme including the critical factors displacing cash as Australia’s primary form of payment. Read the article here: (VIEW LINK)


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