According to Waave, 71% of Australians are worried about society becoming cashless as checks are progressively phased out, bank branches close, and people's use and access to cash decrease.

YouGov research from February 2024 showed that 63% of Australians think that a cashless society will marginalize particular groups and worsen economic disparities.

Fifty-eight percent of Australians said they were worried about paying more in total for banking and card fees if Australia went cashless, and forty-two percent said they didn't think financial firms would behave morally in such a setting. An further 29% of Australians, or 5.7 million people, do not trust payment methods that do not involve only the client and the business.


"Australians are among the highest adopters of digital payments in the world, but they are rightly worried about who is really protecting their interests," said Ben Zyl, co-founder and CEO of Waave, in response to questions about the levels of worry.

People are having their card credentials stolen, having trouble remembering passwords, and paying extortionate fees and surcharges for their cards because the existing digital payment system was not designed with their security or control in mind. There is a great deal of concern, especially for individuals who lack access to alternatives or lack confidence in their use of technology.


"We must establish identity and trust while giving customers control over their digital finances. Now that account-to-account transfers and open banking are becoming commonplace, it will soon come to pass that greater market competition will raise the standard for online payments. Our objective is to bring back the customary cash handshake in digital form.

Nostalgia for Cash?

It's interesting to note that over half of Australians polled said they would feel "cash nostalgia" if real money is phased out, and 42% said they would miss being able to handle cash in person if Australia becomes a cashless society.

However, 34% of Australians claim that when they pay with a digital device, they feel less in control of their expenditure. The biggest worry among women (39%) is losing control over their digital expenditures, while men (30%) are more concerned about this. Younger Gen Zs (34%) and Baby Boomers (35%) are also affected by this. The results align with newly developing trends in personal finance, such as #LoudBudgeting and #Cashstuffing, which are gaining traction among younger social media users.

No matter your age, there is a certain psychology surrounding money. When we pay with cash, we prefer the feel of it, we feel in control, and we usually spend less," says Zyl.


"Governments, banks, and retailers must embrace the newest technologies more quickly in order to establish a cashless system that is equitable, transparent, and easy to use for all users."