Within days of the COVID-19 outbreak in Australia most shops
began eschewing cash, with a preference for cards. And here's
the thing – most Aussies quickly complied.
Recently, banking experts have said that over the 12 weeks or so
that the pandemic was at crisis point across the nation, the
digital banking revolution sped up rapidly, by about 5 years.
And there were two reasons why: Firstly, the fact that cash
became unacceptable currency almost overnight. And secondly, the
effect of a psychological shift, particularly amongst people who
were not previously avid users of technology, who were suddenly
forced to embrace the internet for schooling, for work, to shop and
to order takeaway, as well as to connect with family and friends.
In doing so, they became more comfortable with the online
environment.
