View Poll Results: Will Australia be cashless by 2020?

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  1. #1
    CC Grandmaster road runner's Avatar
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    Cashless society by 2020

    Quote Originally Posted by MichaelBaron View Post
    The Cashless society will be there by 2020
    You heard it here first folks! So have your say, will Australia be cashless by 2020?

    Are digital wallets finally set to take off?

    The rise of newfangled digital payments took another step last week, when the Manly Ferry began accepting tap-and-go credit card payments for fares.

    You might ask: So what? True, it may not sound like much. But this development has got experts in the world of digital payments excited.

    In an Australian-first, you'll no longer need a NSW government-issued Opal card when paying for a ferry ride - just a credit card, smart phone or "wearable" device such as a smart watch.

    The payments gurus see this trial as a milestone that will hasten the decline of cash. More interestingly, it's also tipped to move us closer to a world where plastic credit cards themselves are the next casualty.

    That's because, assuming the technology is rolled out more widely and in other states, public transport is a potential game-changer in prompting more consumers to move into the brave new world of "digital wallets".

    The new battleground

    For years, banks have been hopefully talking up "digital wallets" - using your smart phone to pay for things, by tapping it on a contactless card reader. The vast majority of us still prefer old-fashioned wallets, thanks very much.

    Even so, there is convincing evidence to think digital payments that make plastic cards redundant will probably grab a bigger share of how we spend our money, and banks clearly see this as a future commercial battleground.

    A recent Reserve Bank paper found the number of payments made with a smart phone were still tiny, making up just 1 per cent of point-of-sale transactions. ...

    Slow burner

    Against this, however, there are also plenty of good reasons to think it may not be a fast change.

    Using your phone as a wallet leaves you high and dry if the battery goes flat, or if your bank has a technology meltdown. Many of us simply still like cash.

    More fundamentally, all the biggest banks, except ANZ, aren't offering a digital wallet that you can use on the iPhone, because of a messy corporate brawl with Apple. ...
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  2. #2
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    First of all the article I was referring too said ''May be by 2020'' So the date is not set. As for the trend...it is quite transparent. Whether is good or not is another story..obviously both positives and negatives are there but I do not think Major banks have been opposed to the idea..just slow to adopt.
    Anyway, its a very big topic...
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  3. #3
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    Quote Originally Posted by MichaelBaron View Post
    First of all the article I was referring too said ''May be by 2020'' So the date is not set.
    Does that mean Yes or No?
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  4. #4
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    I do expect to see a cashless society in my lifetime - within the next 50 years, let's say - but definitely not by 2020!

  5. #5
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    Quote Originally Posted by road runner View Post
    Does that mean Yes or No?
    That means probably NO by 2030..not completely cashless anyway. By 2022 probably Yes.
    Last edited by MichaelBaron; 13-07-2017 at 12:22 AM.
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  6. #6
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    Quote Originally Posted by MichaelBaron View Post
    That means probably NO by 2030..not completely cashless anyway. By 2022 probably Yes.
    Would this post make any sense if read while travelling at 88 miles per hour?
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  7. #7
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    New $10 bill to be introduced into circulation on September 20

    HOT on the heels of the new $5 note introduced last year comes a revamped tenner. It’s due to land in your pockets soon.

    AUSTRALIA is set to lose its mind again with the release date of the new $10 note announced this week.

    Reserve Bank governor Philip Lowe said the update currency will go into general circulation from 20 September and will offer the same features found in last year’s new $5 note.

    ‘The new notes contain the same world-leading security benefits as the $5 note, including a clear top-to-bottom window, and a tactile feature so that it can be recognised by vision-impaired members of the community,” he said in his opening statement to the House of Representatives Standing Committee on Economics.

    The note will feature two of Australia’s biggest icons — prominent writers Dame Mary Gilmore and Banjo Paterson.
    ...
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  8. #8
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    Welcome to 2019 Michael.
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