Cashless society closer than we think

While the Greeks rush to hang on to any cash they can find, Denmark has predicted it'll be the first country in the world to get rid of notes and coins altogether.

They'll be replaced by plastic and tap and go technology as soon as next year.

And Australia might not be far behind.

It's been half a century since Australian said goodbye to pounds and pence..

Now it's almost time to farewell dollars and cents.

Reserve Bank data recently revealed ATM withdrawals are at their lowest levels in a decade.

But contactless transactions like tap and go have exploded - in just one year Mastercard PayPass payments increased a staggering 130 per cent and there's no minimum spend.

Like many her age, twenty six year old Geraldine Somers rarely carries cash.

"If we're out to dinner one of us pays on the card and we just transfer each other the money later on using our phones," she said.

"Australia's the number one market globally for contactless payments for face to face transactions. It's about fifty five per cent and that trend will continue to grow," CEO of Mint Payments Alex Teoh said.

While we lead the way now, next year Denmark will introduce legislation to formalise a cashfree society.

Under the proposed laws businesses will be allowed to refuse cash payments.

But there is a downside to the tap and go mentality: personal budgeting.

And the final nail in the coffin for cash?

"In the long term I think ApplePay arriving in Australia could be the big tipping point for a lot of cardless transactions," Nic Healy from CNET.

And after that? Wearable technology - watches, fitbits and key-ring - making it easier than ever to go cash free.

A cashfree future predicted to become reality here within a decade.

Back To Top