It has been muted as a possibility here in Australia for years, the possibility of our going cashless, doing away with notes and coins all together. However, we never quite seem to make it. We were early adopters of EFTPOS technology, in fact I believe a testbed for the British-developed technology, and we took to it in spades.
One thing we’ve seen with COVID-19 has been many stores requesting you not pay with cash any longer, instead preferring contactless payments due to the reduced risk of virus transmission. So, it has me pondering the question, has the virus accelerated our move towards a cashless society here in Australia?
There has been one suggested limiting factor pointed out to me when discussing the possibility with others, the elderly and their apprehensiveness towards technology in general, many often continuing to bank with a passbook. Would this hold us back from progressing do you think, or would an education campaign to assist the elderly, and others, help move us forward?