Are you ready to go cashless?

In the past, ‘Cash Only’ signs used to sit in shop windows, but these days we are more likely to see ‘No Cash’ signs. Are you ready for a digital economy?

Research conducted by the Reserve Bank of Australia¹ shows that cash payments have been in steady decline in Australia, whilst electronic transactions are on the rise. We were also found to be big adopters of contactless payments, accounting for 60% of transactions. 

So what can cashless technologies enable you to do?

• Send money to your kids for a late-night taxi fare.
• Split the restaurant bill with friends.
• Pay your share of rent and utilities bills with flatmates.
• Enable customers to pay you instantly, rather than you sending an invoice and hoping for prompt payment.
• Pay household bills.

Let’s look at the pros and cons of going cashless.

Pros

• Digital payments are less expensive, which is ideal for small businesses.
• Transactions are safer and easier to trace than cash, which is no good for criminals, but great for the rest of us!
• Quick and convenient and you always have a paper trail.

Cons

• You become more vulnerable to technical glitches and internet outages.
• When using a credit or debit card, many banks charge cash transaction fees. These fees are unavoidable.
• Those who are not technically inclined, such as the elderly, could be left behind and disadvantaged.

With most things technological, Australians are no slouches. We love anything new and innovative and embrace all the latest gadgets with enthusiasm. Knowing this, it is important that Firefighters Mutual Bank also embraces new technologies that can enhance its members’ banking experience. 

Here are a just a couple of ways we are helping you to go cashless:

New Payments Platform

Australia’s New Payments Platform (NPP) was introduced in February 2018 as a safe, secure and fast transaction solution for banking customers across Australia. This is transforming the way we pay friends, family and businesses. Learn more.

Go cashless with mobile wallet

Firefighters Mutual Bank offers you an easy way to pay with your smart phone. All you need to do is load your eligible Visa Debit or Credit card for a secure and simple way to pay. Learn more.

The advice in this article is general in nature. We understand everyone’s circumstances are different and recommend speaking to your financial advisor or accountant when considering your financial requirements.

1. Reserve Bank of Australia: A Journey Towards a Near Cashless Payments System