Australia's Channel 9 News said on December 11** that the vast majority of Australians believe that with the rise of the digital economy, all walks of life are moving towards cashless, and stores should be forced to legally accept cash.
nine.com.The latest** survey conducted by AU found that 78% of the 554 respondents believe that stores should be forced to accept cash payments.
Some 9% of respondents disagree with forcing stores to accept cash payments, and 13% believe that the balance between cash and card payments is just right.
Channel 9 News).
While the vast majority of Australian retailers accept both cash and electronic payments, it is not illegal for stores to require customers to pay with a card only.
However, under Australian law, the service provider of goods or services has the right to determine the commercial terms of payment before entering into a contract for goods or services**.
Some financial experts believe Australia's transition to a cashless society is inevitable and could happen by the end of the decade.
In the last financial year alone, RBA data showed that more than $1 billion worth of cash had disappeared from circulation.
Channel 9 News).
Angel Zhong, associate professor of finance at RMIT University, said that not only in big cities, but also in regional Australia, people are also shifting to digital wallets and "buy now, pay later".
"Australia's transition to a cashless society is not only a possibility, it's already underway," Zhong said. ”
The convenience of digital transactions has become irresistible for consumers and businesses** and has eclipsed the industry over traditional payment methods. ”