A report by Australian bank Westpac has stated that Australian smartphone users predict the country will be 90% cash free by 2027.
In fact, Westpac believe there is an expectation that it could be as early as 2022 if excluding survey results from those who believe the country will never be cash free.
The Westpac Cash Free Report found that 79% of Australians think that electronic payments via a smartphone will soon become the norm.
Today, over half of the country’s payments are cashless and reportedly up to a third of Australian smartphone users find monitoring and tracking their finances using smartphone apps has been made much easier – something that is not as easy when using cash.
“Customers are at the heart of our business and we are committed to technological innovation and cashless options to make customers’ lives easier. This includes providing digital offerings such as Cardless Cash, Fingerprint login and tap and pay, and investing in innovative start-up companies that are engineering smart solutions to everyday problems.” Elliot Smith, Westpac’s Head of Consumer Deposits
In the last 12 months there has reportedly been a 200% rise in tap and pay transactions by Westpac customers. Westpac cites a key reason for the uptake in cash free payments is convenience – customers find queuing to pay for goods generally frustrating and, according to Westpac’s survey results, 51% of Australians become frustrated with customers in front of them taking their time at the checkout.
What is clear from the report is that people find convenience key – customers want shopping to be a stress free and efficient process.
Read further findings from the Westpac Cash Free Report here.