Newspaper article The Queensland Times (Ipswich, Australia)

Cash Is No Longer King in Australia

Newspaper article The Queensland Times (Ipswich, Australia)

Cash Is No Longer King in Australia

Article excerpt

AUSTRALIAN consumers are accelerating their shift towards digital payments and away from cash and cheques, with new figures showing paying by card has surged while people make fewer trips to the ATM.

Consumers made more than 8.3 billion card payments last year - equal to a rate of almost 23 million transactions a day, according to a report from electronic payments industry group AusPayNet.

The bulk of those card payments - 5.6 billion - were made on debit cards, AusPayNet said, with credits tending to be used on more expensive purchases but still showing an increase in volume and value.

At the same time the number of cheques used fell almost 20 per cent to 89.7 million for the year, and the number of ATM withdrawals made fell 5.9 per cent to 610.1 million.

AusPayNet CEO Leila Fourie said the high uptake of technology and internet use in Australia, where almost 90 per cent of the population own a smartphone, was behind the increase in new ways of conducting transactions. …

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