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National Agenda

Prepare for the cashless and walletless era

Customers will increasingly make payments using smartphones and other smart devices linked to bank accounts .

  • A Reserve Bank-conducted survey published in November 2018 recorded a sharp ­decline in the use of ATMs. In 2010, Australians visited an ATM about 40 times a year. It’s now down to 25 times and falling.  
  • Australians make about 500 electronic payments a year, up from about 100 in 2000. 
  • State transport authorities also are making it possible to ditch their plastic cards and use a phone and watch. 


Every transaction conducted digitally is a win for a financial institution somewhere, whereas cash is just between giver and ­receiver. Visa and Mastercard, and phonemakers such as Apple and Samsung, all stand to make larger profits from commissions resulting from increased transactions.