Australians reluctant to use cash despite online scams increase
Despite the rise of online scams, Australians are continuing to use electronic card payments instead of cash.
In 2022, Australians combined losses from online scams may be on track to reach $4 billion.
With the usage of cash declining with each passing year, many establishments are now only accept electronic card payments for purchases.
Finance expert and Canstar editor Effie Zahos told Joe Hildebrand physical money is predicted to continue declining, accounting for only 2 per cent of all payments by 2025.
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