Have you found yourself wondering why Nan hasn’t been giving you those crisp $5 notes for your birthdays anymore?
It’s probably because Australian’s are one of the least likely to use cash in the entire world.
According to research done by US-based financial technology company FIS, payments made using cash represent just 6 percent of sales in Australia.
We have been one of the earliest and fastest adopters or electronic payment methods, especially as card and phone technology becomes more and more convenient.
Although, while we are fast becoming a cashless society, the RBA recently said that people are beginning to hoard $100 bills.
According to the RBA there should be roughly 18 $100 bills to everyone one person in the country, but the cash is just not flowing as it once did.