Identity, Security, Payments, Biometrics, Smart Cards and Authentication News

Australians eschew cash

Tuesday, July 15, 2008

Australians don’t like carrying a lot of cash around with them and they are more likely to use contactless payments, according to a MasterCard Worldwide survey.

The research shows that 80% of Australians used less cash now than they did five years ago, states a News.com.au article. This, however, is behind South Korea with 87% and New Zealand with 82%. The research is based on interviews with 7,000 consumers in 13 countries.

The convenience factor is the biggest benefit of using contactless payments, followed by the security features, quicker transaction times, and the benefit of not having to carry cash.

The survey also shows that Italian consumers carried the most cash, with more than 47% saying they had more than $50 in their wallet, while consumers in Singapore and China were the most likely to carry less than $50 in cash.

Read more here. [end] 

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