Economic experts predict that Australia will transition to a completely cashless society by 2025.
The closure of 926 ATMs and 230 local bank branches in the last financial year marks a significant step toward a cashless future.
Macquarie Bank became the first Australian bank to introduce cashless, digital-only payments in May.
The majority of Australian businesses have already adopted cashless transactions, with some cafes and shops fully switching to digital payments.
Major companies such as McDonald’s and KFC are also preparing to move to cashless payment systems in the future.
Treasurer Jim Chalmers emphasized that while digital payments are becoming more popular, cash must still have a role in society.
