RMIT associate professor in finance Dr Angel Zhong told Nine News she expects the shift to a cashless society to occur by 2030 in Australia with credit/debit cards and digital wallets such as apple pay and google pay preferred by consumers.
"The convenience of digital transactions has become irresistible for consumers and businesses and has led to the sector eclipsing traditional payment methods." Debit cards are the preferred form of payment at 50 per cent, with 25 per cent credit and charge cards and 12 per cent other. Digital wallet payments ultimately rocketed from $746 million in 2018 to more than $93 billion four years later.
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