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Australians prefer cash despite growing payment options

Categories : Cash covers a broad range of transactions, Cash is universal
September 5, 2017
Tags : Australia, Cash, Ease of use, Payment instruments
Tap-and-go payments are quite popular in Australia, but cash plays a key role in the country, particularly for low value transactions.
Communication Team / Equipo de Comunicación

Australians have seen their payments landscape evolve to include contactless payments, which quickly gained in popularity.

Despite this trend, cash plays an important role in the Australian economy, particularly for low value transactions. Indeed, over 60% of payments valued at $10 or less were made in cash, and these figures have remained stable since 2013, according to the Reserve Bank of Australia.

Although cash is generally the preferred payment method for older people (over 50% of transactions for those 65 years or older, and 40% for the 50 to 64 year-olds), one-third of transactions by millennials in 2016 were carried out in cash.  

And finally, according to Raghavendra Bhat, Australia and New Zealand (ANZ) Banking Group’s head of technology, there is still a preference for cash when it comes to small business owners due to the high cost of interchange fees and the little added value of POS for the overall management of their businesses.