Time to throw out your wallet?

This report analyses the transition of the Australian economy toward a cashless state, noting that only around one third of payments in 2016 were made in cash. While the usage of cash is declining, significant barriers including social trust, cybersecurity risks, and merchant fees remain. Venture Insights projects that cashless payments will reach 80% by 2030, though a total phase-out of physical currency is unlikely within the next two decades due to its role as a secondary payment method.