Australia tipped to be first to go cashless
More than half of all Aussies think that the land down under will be the first to embrace digital-only payments and go cashless, recent research commissioned by MasterCard has shown.
Although retailers in Denmark could begin phasing out cash this year, Aussies still believe we’ll beat them to the punch. The research, which surveyed just over 1,000 Australians of all ages found that Australians are preparing themselves for the change to a cashless economy, as 58% of Aussies predict more and more cash will be removed from use over the next five years.
Already, markers of the change are being revealed, with 64% of Aussies reducing the amount of cash they carry on them, while 53% now carry less than $50 in cash at any one time. The findings were supported by RBA figures that showed ATM withdrawals were on the decline.
Speed and convenience drive the willingness for change, with around 40% of Australians wanting to see coins phased out before notes because of the annoyance and hassle of carrying small change.
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Safety concerns also figure into the equation, as Andrew Cartwright, SVP and Country Manager at MasterCard said. “Australians have long considered credit and debit cards a fast and convenient way to pay, but what we are starting to see is a real understanding of, and appreciation for, the safety benefits of cards over cash.”
36% of Aussies believe a cashless society would be a safer one. Cartwright said this is likely due to the fact that, “Australians know that in the instance their wallet is stolen or lost, any cash is as good as gone. However, knowing they’re protected against any unauthorised purchases on their cards provides the peace of mind they need in an already unfortunate scenario.”
The shift toward digital-only payments might leave some cash-only businesses in a tight spot. A considerable 89% of Aussies have negative perceptions of cash-only businesses and one in three (39%) believe cash-only retailers should be embracing the shift toward eliminating cash.
Are you prepared for a cashless Australia? Check out our debit card comparison and get yourself set up with some competitive plastic.
Debit card comparisons on Mozo - rates updated daily
Glide Account
account fee
Payment Options
what kind of card
$0.00Apple Pay, Google Pay, PayID, Samsung Pay, FitBit Pay, GarminVisa DebitUnlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees or ATM fees.
Glide Account
Unlimited free internet transactions. Super fast transfers & use Apple Pay, Google Pay and Samsung Pay. No account keeping fees or ATM fees.
- interest rate
- Balances from $0: 0.00% p.a.
- fee-free transactions
- Unlimited free internet transactions.
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Everyday Options
account fee
Payment Options
what kind of card
$0.00Apple Pay, Google Pay, PayIDVisa DebitAn easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.
Everyday Options
An easy, everyday banking account packed with flexible options to help you spend, budget and save better. Create up to 9 sub accounts.
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $1: 0.01% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, EFTPOS, counter withdrawals, counter deposits, phone and internet
Read our Mozo Review to learn more about the Everyday Options
Everyday Global Account
account fee
Payment Options
what kind of card
$0.00Apple Pay, Google Pay, PayIDVisa DebitNo overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply)
Everyday Global Account
No overseas ATM fees & up to 10 currencies in one account. Switch between currencies instantly 24/7 wherever you are using the mobile app.$100 Bonus for new HSBC customers and earn 2% cashback on tap and pay under $100 (T&Cs apply)
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $9,000: 0.00% p.a.
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Classic Banking Account
with Standard Visa Debit Card
account fee
Payment Options
what kind of card
$0.00Apple Pay, Google Pay, PayID, Samsung PayVisa Debit or
EFTPOSNo monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.
Classic Banking Account
No monthly account fees ever, with no conditions. Free use at over 7,000 ATMs around Australia. No overdrawn fees if you happen to go over your account balance. Open an account in less than 7 minutes.
- interest rate
- Balances from $0: 0.01% p.a.
- fee-free transactions
- Unlimited free transactions from own-bank ATM, EFTPOS, counter withdrawals, counter deposits, phone, internet and Visa debit purchases
Read our Mozo Review to learn more about the Classic Banking Account
Global Currency Account
account fee
Payment Options
what kind of card
$0.00PayID, Samsung PayDebit MastercardSend and receive foreign currency with no Citi transfer fees. Consolidate your international bank accounts with account details for up to 10 currencies. Currently offering special exchange rate on New Zealand Dollar. Winner of Mozo Experts Choice Exceptional Everyday Account 2020 award^.
Global Currency Account
Send and receive foreign currency with no Citi transfer fees. Consolidate your international bank accounts with account details for up to 10 currencies. Currently offering special exchange rate on New Zealand Dollar. Winner of Mozo Experts Choice Exceptional Everyday Account 2020 award^.
- interest rate
- Balances from $0: 0.00% p.a.
Balances from $25,000: 0.75% p.a.
- fee-free transactions
- Unlimited free transactions from network ATM, EFTPOS, cheque, phone, internet and linked Debit MasterCard purchases.
Read our Mozo Review to learn more about the Global Currency Account
^See information about the Mozo Experts Choice Debit Cards Awards
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