Cash to become extinct as chips take off

Anthony Keane
The Sydney Advertiser

CASH is accelerating down the path to extinction as new technologies threaten to mark the end of loose change within a decade.

Bank and credit union bosses say cash won’t be alone, with wallets and credit cards also likely to disappear too.

They told The Advertiser’s round table forum that cash and cards will be replaced by computer chips embedded in mobile phones, watches or other portable devices.

Australian Central chief executive Peter Evers believes cash will be replaced for most transactions in five-to-seven years.

“Cash will disappear as there will be other forms of carrying cash, stored value in your phone or whatever it might be. It will transfer automatically,” he said.

“We’re very close in countries around the world. If you go in to Hong Kong or Singapore, the low-value transactions have already disappeared. You can’t go anywhere, like on public transport, without pre-purchasing a card.

“I think the Australian Payment Systems Board is very much on top of it and is trying to move down a path, but hasn’t publicly put things into place yet.”

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