Cash is no Longer King as Usage Hits an All Time Low

April 19, 2023 10:54 am in by
Image: Shutterstock Photo ID 269108219 hidesy

Have you found yourself wondering why Nan hasn’t been giving you those crisp $5 notes for your birthdays anymore?

It’s probably because Australian’s are one of the least likely to use cash in the entire world.

According to research done by US-based financial technology company FIS, payments made using cash represent just 6 percent of sales in Australia.

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We have been one of the earliest and fastest adopters or electronic payment methods, especially as card and phone technology becomes more and more convenient.

Although, while we are fast becoming a cashless society, the RBA recently said that people are beginning to hoard $100 bills.

According to the RBA there should be roughly 18 $100 bills to everyone one person in the country, but the cash is just not flowing as it once did.