Premium Essay

Cash Usage in Australia

In: Business and Management

Submitted By Lilley
Words 1749
Pages 7
Executive Summary

The main focus of this essay is to discuss the changing trends of consumers’ payment methods and in particular cash usage in the 21st century. This essay discusses the downward trend of cash as a major payment structure and the increase in cashless transactions. We will refer to recent studies by the RBA and personal surveys and data collected and collated by this project team in this report and outlay our findings.
Introduction
As the demand for newer more convenient methods of payment systems increases, so to does the range of options that become available to consumers. In recent years the need to discover more convenient ways of paying for goods and services has increased and is driven by an ever-demanding consumer market. Our case objective was to find out how much reliance on cash as a payment method was for low value transactions, its usage as a payment system and the populations’ reliance on it. The main findings of this report as obtained from the recent survey, was to find out if cash does remain the most common payment option by consumers for low value transactions. The survey showed a very surprising trend between the younger and the older respondents spending habits and tendencies.
Reserve Bank of Australia Survey 2007 and 2010.
The Reserve Bank of Australia’s recent study in 2010, which was a follow on and update on their initial survey taken in 2007, took a cross section sample of the market and showed a downward slope of the reliance and usage of cash for high value transactions. It was shown that cash was used for mainly low value transactions of $29 or less. The following diagrams and charts are taken from this survey.

Findings in this survey showed that the “pattern of cash use is a reflection of the characteristics of cash, which make it appealing for low-value payments” 1
The Study carried out by the RBA…...

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