CHART - The slow death of cash in Australia

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Cash as a form of payment is shrinking in Australia.

According to the latest numbers from Australian Payments Clearing Association, the digital economy is accelerating the decline in the use of cash and cheques.

Tapping a card or using a smartphone are just too convenient.

This chart shows the rise in the number of non-cash payments per person in Australia:

Source: Australian Payments Clearing Association

Withdrawals of cash are falling at the same time. In 2015, the total number of transactions at ATMs fell by 5.5% and by 1.7% in value.

And the number of ATMs has fallen in Australia for the first time. In December, there were 455 fewer at 31,661 compared to the September quarter.

The volume of digital payments is increasing. Direct entry transactions increased by 6.3% in 2015, debit card and credit card transactions grew by 11.1% in volume.

Since 2005, payment card transactions have increased by 168.9% in volume.

Source: Australian Payments Clearing Association

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