Cold hard cash may not be obsolete anytime soon, but as far as Australia is concerned, cashless transactions and digital wallets are becoming a rising choice.
According to News, the march towards cashless transactions is gathering momentum, with more and more businesses now offering “online only” products and services.
This claim came from a report using UK-based research, which predicted digital wallets – used through smartphones and mobile devices – will generate $1.35 TRILLION in global spending by the end of the year, a whopping 32% increase.
In fact, the momentum to move towards cashless transaction is so strong that a research found the majority of Australians think the country could become completely cashless as early as 2022.
Users already complete 53% of digital transactions via smartphones and about 79% believe this will become the usual scenario in the near future.
“In the last 12 months there has been a 200% increase in Westpac customers using their mobile to tap and pay. Cashless technology is the way of the future.”
The claim is not surprising as cashless and digital transactions offers convenience, especially for users on-the-go wanting a secure purchase.
Many businesses are adapting to this likely scenario where the majority of financial transactions would be cashless.
In addition to digital payment via tap cards, the gift card market is growing, prompting companies like Prezzee to be founded.
“The gift card market in Australia is worth $4.5 billion annually, digital gift cards are more personal than giving someone cash. You have them on your phone, you never lose them and if you lose your phone, we put a hold on the card.”
Claire Morris Prezzee Founder via News.com.au
However, cashless and digital transactions obviously require an Internet connection, which Australia can now provide via the rollout of the National Broadband Network (nbn™) and the ever growing coverage of mobile internet.
Broadband technologies such as the nbn™ satellite internet for regional and rural Australia makes it possible to go online shopping with cashless transactions; an alternative way to shop that is being enjoyed by Australians in the major cities.
The nbn™’s Sky Muster satellite brings better satellite internet connectivity to regional Australia. To get onboard Sky Muster, call Activ8me today 13 22 88 or visit: http://www.activ8me.net.au/internet/skymuster