[LINK] Australia "15% of payments in cash"

[stephen at melbpc.org.au]

Electronic payments dominate in Australia: study

MasterCard report finds 86 per cent of transactions are made electronically

By Hamish Barwick (Computerworld)01 October, 2013
http://www.computerworld.com.au/article/527909/electronic_payments_dominate
_australia_study_/


Eighty-six per cent of consumer transactions in Australia are processed via 
credit card or mobile payment, according to a new report.

"The Cashless Journey", a global study of 33 countries conducted by 
MasterCard, found that only 15 per cent of payments in Australia are made 
using cash.

http://www.mastercardadvisors.com/cashlessjourney/

Australia is ranked in the top six countries that the payments provider has 
dubbed `nearly cashless’ along with Belgium, France, Canada, Germany and 
Sweden.

Australia was ahead of both China and the United States where cash payments 
represent 45 per cent and 20 per cent of total consumer transactions. Egypt 
was the most cash dependent country with only 7 per cent of transactions 
made via electronic method.

MasterCard Australasia division president Eddie Grobler said that one 
reason for Australia’s position in electronic payments is its comprehensive 
financial inclusion. According to Grobler, 99 per cent of Australians over 
the age of 15 have a bank account.

“We’re in an exciting position where a cashless future is a genuine 
possibility for Australia. Through the advancement of contactless payment 
options like PayPass and digital wallet technology, we’re getting ever 
closer to realising it,” he said in a statement.

However, the study also found that Australians are more likely to use cash 
for small transactions. While cash makes up less than 15 per cent of 
consumer transactions, it still equates to 70 per cent of the total number 
of transactions.

“The challenge now is educating Australians that small purchases like 
heading down the road to grab a coffee and a paper can be made with greater 
convenience by leaving the cash at home,” Grobler said.


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