Adventure Ausrama Blog

A cashless society will not happen despite predictions by economist and journalists. In the near future some countries could legislate to ban the use of coins and notes. This will be a drastic move. Indeed, people in the United States would argue that it is a protected right in the Constitution if it passed both governmental houses there. A shop would be stupid to put this sign out A myth is promulgated throughout the world that Singapore is a cashless society. This certainly isn't true. Ninety per cent of consumers in Singapore prefer to use cash rather than electronic payment. Just why there is a push to get rid of cash is a mystery. One can understand governments wanting to keep all transactions visible - it will stop tax evasion. However, there would be no benefit for people generally to use cards and transfers to buy everything. Economists and journalists have got the future totally wrong. How could cash be abandoned when it has almost universal appeal? I...

Experts have predicted that Australia will be cashless by 2022. Even Singapore which planned a cashless society cannot do it completely. Non-cash buying has reached 69 per cent. It has remained there. People love money and sometimes they want to see it. If you take it away they will lose confidence in the currency. This is just common sense. Has Singapore made major steps? Note, the world average for electronic purchasing is 66 percent of consumer spending. A pitiful 3 per cent is not a big step! While 79 per cent of Australians say that using mobile phones to make payments will be standard, most still have some cash in their pocket. What they say and what they do is not the same thing. Purchasing electronically, then going to pick it up will be the norm say 81 per cent. Unfortunately, this is not sustainable. Most pre-purchasers go out to physical shops to view what they intend to buy, looking at variants and price. If four fifths of the population actually did p...