Cash payments declined throughout years, survey shows

22 May 2020

Electronic payments are on the rise in Australia, highlighted by the Reserve Bank’s 2019 Consumer Payments Survey. 

Therefore, many are predicting a continued rise for such payments once the pandemic is over, which is already being recommended for safety reasons. 

The survey illustrated that cash payments in Australia kept declining year after year, amounting to just 27% of all payments made, 37% in 2016 and 69% in 2007.

Due to social distancing and safety regulations, a number of Australian shops, as well as those worldwide, started to refuse cash payments, resulting in an increase in card payments. 

Additionally, people from all generations are getting used to e-payments, whilst those who are not that “tech savvy” are being taught of how these facilitate payments. 

During the pandemic, several Australians made the switch from cash to card and are finding online banking services much easier. 

RMIT University research pointed out that 92% of seniors use the internet with 57% of the group surveyed use the internet for banking. 

The University's School of Economics, Finance and Marketing’s Dr Torgier Aleti said, “[Previously seniors said] 'I'm not comfortable, I don't have the skills, I don't know how to do this'. But now that it is a necessity to stay in touch, we see that they have been able to overcome these barriers."