Whether we like it or not, many people do not carry cash. While the older generation draws money from ATMs and banks to go shopping, young people prefer to carry just a credit card. Most debit cards are held by the aged who do not like to go into credit card debt.
In Australia 86 per cent of transactions are made with a card. This puts Australia 6th in the world in the cashless country list. Developing nations still use cash for about half of all payments.
Using cards for payments is safer than cash. If felons know a person is carrying cash they could be theft targets. There is another side to a fully cashless society: the taxman will be able to trace all transactions, business and private, if suitable laws are passed to gain access to bank data. At present only the police can view data on a person's financial affairs if they are investigating a crime. This will probably be extended over coming decades to social security and the tax department to make sure people are not "ripping off" the taxpayer. Tax avoidance will be a thing of the past.
Society by Ty BuchananShare Article