We are moving to a cashless society – the majority of our wealth is accessed online, we buy online, we are paid through EFT, we use PayWave for small value transactions, and ATM withdrawals are dropping.
There’s no doubt that our smartphones will soon replace our plastic cards, with a number of the big banks already promoting apps.
On the world stage, Australia is at No.6 in the world’s top ten cashless countries, with Nordic countries leading the world in cashlessness. Denmark is set to be the world’s first cashless society after its government last year moved to scrap the obligation for retailers to accept cash.
So, the demise of the coin, the note and the plastic card looks inevitable.
But, is it harder to teach the “value of a dollar” to a child if you cannot place a coin in their hand? And who didn’t love seeing the dollars grow in the savings pass-book – does a bank receipt provide the same savings message?