Aussies love for tap and go have helped card payments to overtake cash payments in Australia, according to a survey result released by the Reserve Bank of Australia (RBA).
Titled, ‘The Reserve Bank’s triennial Consumer Payments Survey (CPS),’ the survey, conducted by the research firm Ipsos on behalf of the RBA in November 2016, points out that nearly 17,000 day-to-day payments were made by over 1,500 participants during a week.
Cards were the most frequently used means of payment in the 2016 survey, overtaking cash for the first time.
Cash was used in 47% of payments, compared to 43% for cards in 2013. After that, Australians have embraced the contactless payment which helped to surge card payments to 52% against to just 37% by cash. Among the card transactions, 60% were ‘tap and go’.
In a statement, Reserve Bank of Australia said: “The Australian payments system is evolving. The Bank’s 2016 Consumer Payments Survey showed that consumers are continuing to shift away from paper-based payment methods towards electronic means of payment, particularly cards.
“It would not be surprising if these trends continue, as electronic payment methods are increasingly adopted and new payment methods emerge.”
Despite cards dominating the payment landscape, cash still accounts for a material share of consumer payments and is ‘intensively used’ by some sections of the population.