One-fifth of Aussies favour getting rid of cash

One-fifth of the Aussies questioned in a recent poll said they would be in favour of getting rid of cash and opting for an alternative payment method, such as a debit card.

The study, conducted by Visa, revealed that 22 per cent were in favour of this step, while one-quarter of respondents revealed that they did not usually carry more than about $20 in their wallet.

Country manager for Australia for Visa Vipin Kalra commented: "The survey shows consumers are ready to embrace new ways to pay such as mobile payments, and this will have clear implications for the way retailers do business in the future."

Six out of ten asserted that they would be interested in using contactless payment systems, which may suggest that Visa's payWave enabled debit cards will be popular in the future.

Earlier this month, the Commonwealth Bank of Australia told ZDNet Australia that it plans to roll-out near-field communication payment technology in the next three months.

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