I see that the Myki machines are to be upgraded to accept “contactless” payments. Is it inevitable that we will move towards a society in which cash is less used? Sweden seems to be well advanced in this regard.
Well, maybe. But if this was really happening, would not the value of banknotes on issue decline? In fact, their value is increasing. The amount of banknotes at June 2015 was about $65.5 billion. This is an increase from June 2012, when the value of banknotes on issue was $53.6 billion. Perhaps we have to wait until this figure start to decline before we can declare the move to a cashless society is on!
Incidentally, I notice that the RBA states that the $50 and $100 banknotes account for the majority of banknotes on issue, with a combined share of 92 per cent of the value and 67 per cent of the number of banknotes in circulation. Unfortunately, the mix in my wallet is usually somewhat different!
(at left, there was a wait for the machines that take cash at this Big W, whereas the card machines were readily available).