Australia is moving towards a cashless society, with the latest trends indicating a rise in the number contactless payments, according to the Australian Broadcasting Corporation.
Figures released by the Reserve Bank show decline in ATM cash withdrawals. In January, the total number of ATM withdrawals was down almost by nearly 1 million when compared to the same time in 2011, and December 2011 withdrawals were down 1.7 million from the previous year.
Australian Retailers Association executive director, Russell Zimmerman, highlights a decline in the number of checks being used for transactions. The ARA head says the move towards electronic payments is good for the retail sector in general.
Zimmerman says the figures also show the Australian aversion to debt is continuing, with growth in debit transactions outstripping credit card transactions almost threefold.”They want to use their own money, or if they’re using credit cards they’re paying them down immediately,” he said.
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