Australia to be cashfree by 2022
(28 September 2015 – Australia) Australians believe the nation is quickly becoming a cashless society, predicting the country will be cash free by 2022.
The Westpac Cash Free Report found 79 percent of Australians agree making all electronic payments via a smartphone will soon become the norm, 53 percent of current payments made electronically.
According to the research, one third of Australian smartphone users believe monitoring spending and 21 percent believe tracking their finances has been made easier thanks to smartphone apps, like Westpac Mobile Banking.
Elliot Smith, Westpac's Head of Consumer Deposits said, "Customers are at the heart of our business and we are committed to technological innovation and cashless options to make customers' lives easier. This includes providing digital offerings such as Cardless Cash, Fingerprint login and tap and pay, and investing in innovative start-up companies that are engineering smart solutions to everyday problems.
"In the last 12 months there has been a 200 per cent increase in Westpac customers using their mobile to tap and pay. Cashless technology is the way of the future."
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