Are we headed for a cash-free society as soon as 2022?

By Maria Kyriacou

Image: Thinkstock
Image: Thinkstock
Paying with dollars and cents sooner be a thing of the past sooner than we realise, according to new study.

A new report by Westpac has shown that the majority of Australians believe a cashless society makes total sense. But what does this mean?

Around 79 per cent of Australians surveyed agree that using smartphones to make all electronic payments will soon become the norm. We’re already on our way with 53 per cent of current payments being made electronically.

New apps like Hey You, take the waiting to pay equation out of the food ordering mix. You can order and pay for takeaway coffee or food with the touch of your smartphone.

Co-Founder of Hey You, Rebekah Campbell said, “Australian consumers are becoming used to an Uber-like service. No one enjoys waiting around to order coffee or lunch,’ she said. ‘To have it paid for and waiting when you arrive feels like a 21st century experience.”

Elliot Smith, Westpac’s Head of Consumer Deposits agrees, “In the last 12 months there has been a 200 percent increase in Westpac customers using their mobile to tap and pay ‘ he said. ‘Cashless technology is the way of the future.”

Are you ready to be cashless?

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