Australians ditch cash payments

Australians are increasingly moving away from cash payments in favour of card payments according to the latest Reserve Bank of Australia statistics.

Credit and debit card transactions accounted for 79.6 percent of all transactions, rising 81.8 percent in 2012/13. In the same period ATM and EFTPOS withdrawals fell from 20.4 percent to 18.2 per cent. 

According to epftpos provider, Tyro payments CEO Jost Stollman we are at a tipping point for the end of cash as we know it.

"It is conceivable that we are not far off when consumers leave home entirely without cash, armed with only a credit or debit card to pay for anything from a package of chewing gum to a new car," he said.

While cashless options increase in popularity Australians are encouraged to shop around for their choice of fantastic plastic. Australians paid more than 6.16B in credit card interest last year. Current interest rates on credit cards range from 9.25% to over 20%. You can compare rates and fees of credit and debit cards on Mozo.