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eMoney News

Australians 'moving away from cash'
6 Jan 2010

Australians are operating in an increasingly cashless society as more consumers seek out alternative ways of paying for goods and services, according to a credit and debit analysis group.

New figures from MWE Consulting indicate that the number of ATM cash withdrawals in the country is at its lowest level in six years.

The group also identified contactless credit and debit cards as the next phase in the move towards a cashless society.

Mike Ebstein, managing director at the consulting company, said this technology is likely to take off later in the year.

Contactless technology made headlines recently in the Australian city of Melbourne, which is now using smart cards for its public transportation system.

Commuters in the city can now use a pay-as-you-go smart card system to use public transit, or load up their cards with a monthly pass.

A similar system is in use in Bolton, Greater Manchester, where passengers travelling on Arriva buses can pay their fare using their sQuid smart cards.