Invest
Cash usage in Australia continues to decline as digital payments rise
In the ever-evolving landscape of financial transactions, Australia is witnessing a significant shift away from cash, as revealed by Worldpay's latest Global Payments Report. According to the report, cash usage in Australia has dramatically decreased from 67% of point-of-sale transactions in 2014 to a mere 14% in 2024. This trend is expected to continue, with cash projected to account for just 9% of transactions by 2030.
Cash usage in Australia continues to decline as digital payments rise
In the ever-evolving landscape of financial transactions, Australia is witnessing a significant shift away from cash, as revealed by Worldpay's latest Global Payments Report. According to the report, cash usage in Australia has dramatically decreased from 67% of point-of-sale transactions in 2014 to a mere 14% in 2024. This trend is expected to continue, with cash projected to account for just 9% of transactions by 2030.

Alison Morris, Senior Vice President and General Manager for Worldpay Platforms International, commented on these findings, highlighting the rapid adoption of digital payments across the nation. "These figures highlight the rapid adoption of digital payments," Morris stated. "But they also show that cash remains an essential part of daily life for millions of Australians, from older shoppers to regional communities and households that rely on it for financial independence."
Despite the decline in cash usage, it remains clear that cash still plays a crucial role in the financial ecosystem. For many Australians, especially those in regional areas and older demographics, cash is not just a payment method but a means of maintaining financial autonomy. This underscores the importance of preserving cash as a viable option for transactions, even as digital payments become more prevalent.
The report also sheds light on how consumer payment preferences have evolved over the past decade and the implications of this shift for small businesses across Australia. Morris emphasised that for small enterprises, the focus should not be on choosing between cash and digital payments but rather on offering a diverse range of payment options. "For small businesses, the choice is not about cash versus digital payments," she explained. "The real priority is offering a range of payment options. Cash and card payments complement each other, serving different customers and reducing friction at the checkout."
This approach is particularly relevant for businesses such as cafés, retailers, and gyms, where customer experience is paramount. Offering a variety of payment methods not only enhances convenience but also serves as a strategic advantage in a competitive market. "Cafés, retailers, gyms/wellness studios and other small businesses that embrace a mix of payment methods are best positioned to build customer loyalty," Morris noted. "Offering a variety of payment options from cash to contactless and newer solutions like PayTo is not just convenient; it is a competitive advantage. Businesses that make it easy for every Australian to pay are the ones customers keep returning to."

The rise of digital payments in Australia is part of a broader global trend, driven by advancements in technology and changing consumer preferences. Contactless payments, mobile wallets, and online banking have become increasingly popular, offering speed and convenience that traditional cash transactions cannot match. However, the enduring presence of cash highlights the need for inclusivity in payment systems.
As businesses navigate this transition, the emphasis is on flexibility and adaptability. By accommodating a wide array of payment methods, businesses can cater to diverse customer needs and preferences, ultimately fostering loyalty and repeat patronage. This adaptability is particularly crucial in a post-pandemic world, where consumer behaviours have shifted, and expectations for seamless, contactless transactions have risen.
The decline in cash usage also poses challenges for certain segments of the population who may be less comfortable with digital payments. Ensuring that these individuals are not left behind in the digital economy is a key consideration for policymakers and businesses alike. Efforts to educate and support these groups in adopting digital payment methods will be essential in achieving a balanced and inclusive financial landscape.
While the decline of cash in Australia is a testament to the growing popularity of digital payments, it is clear that cash still holds a vital place in the economy. For small businesses, the strategy lies in embracing a comprehensive range of payment options to accommodate all customers. As Morris aptly put it, "Businesses that make it easy for every Australian to pay are the ones customers keep returning to."

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