This article was first published in The Conversation. When was the last time you used cash? For many Australians using cash or even swiping a card has become a rare event. The move towards a cashless society started 50 years ago with the introduction of the Bankcard and was driven by technological advancements. But it really took off with the COVID pandemic when consumers and retailers were reluctant to handle potentially infected notes and coins.
The Australian Securities and Investment Commission reports the total value of all BNPL transactions increased by 79 per cent in the 2018–19 financial year. This continues into 2022 with an annual growth beyond 30 per cent according to the Reserve Bank of Australia . PayID and PayPal payments are also claiming their shares in this space.
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