Australia on the path of becoming a cashless society

When the U.S. and the world got off the gold standard in the early 1970s, the move towards fiat currency dramatically accelerated, as did the accumulation of national debt throughout the world. By the 1990s, electronic currency in the form of debit cards started to become prevalent, and today they are simply pervasive, with a minority of citizens still using physical currency. In fact, the use of payment apps via smartphones has grown exponentially in just the last couple of years.

Now, Australia is moving rapidly towards the total elimination of all forms of physical currency to go completely cashless, according to a report this week, with plans to get there no later than 2031, though it’s possible the country will become cashless by 2024

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