Governments often favor reducing cash to combat the "black economy," tax evasion, and illicit activities (like money laundering) by making all transactions traceable, increasing tax revenue, and gaining better economic data; however, they also face pressure to maintain cash for financial resilience (disasters) and inclusion (seniors, privacy concerns), leading to mandates for businesses to accept it alongside digital growth.
From the government's perspective, a move away from cash = much less tax evasion = more government revenues, plus less cost printing and replacing physical currency.
The nation's declining use of cash was accelerated by the COVID-19 pandemic when shoppers and retail workers were reluctant to handle potentially infected notes. Cash advocates have been angry about the declining number of bank branches and ATMs, while many Australians have protested the move with cash out days.
One reason people favor a cashless society is because transactions can be tracked and recorded. People don't want anyone, including the government, being able to monitor their transaction data, and the institutions entrusted to guard this data are vulnerable to being hacked.
No, Australia will not be completely cashless by 2026, but new laws mandate that major supermarkets and petrol stations must accept cash for essential purchases (under $500, 7 am-9 pm) starting January 2026, preventing forced exclusion for many, while experts still predict Australia will become "functionally cashless" by 2030 due to ongoing digital trends.
Sweden is widely considered the country closest to being cashless, with a significant majority of transactions being digital, driven by mobile apps like Swish and high trust in digital infrastructure, though Norway, Finland, and South Korea are also leading the global shift. While some sources predicted Sweden would be fully cashless by 2025, the central bank is now pushing for cash protections, acknowledging its continued need for inclusivity, even as cash use falls below 5% in many top nations.
The Benefits of a Cashless Society
They don't have to deposit as much cash every day and can more easily balance their books, since electronic-transfer-based sales can immediately and seamlessly enter computer systems. If you're not carrying hundreds of dollars in cash, you're less of a target for robbery.
From paper to polymer banknotes
We have been issuing banknotes for over 300 years and make sure the banknotes we all use are of high quality. While the future demand for cash is uncertain, it is unlikely that cash will die out any time soon.
Living without money offers freedom from financial stress and consumerism, but it also comes with significant challenges—especially when thinking about the need to plan for the future. Afterall, money is what enables you to transfer some of your human capital to future spending through saving and investing.
Yes, your money is safe in the bank as long as it's in an FDIC-insured institution, and we recommend keeping it there in 2026. See our list of the safest banks in the U.S. During times of economic uncertainty, it's common to worry about your security.
Australia isn't in a full-blown financial crisis but faces significant challenges, including a cost-of-living squeeze, rising household debt, slowing productivity, and concerns about long-term growth, leading to financial pressure for many citizens despite overall economic size and past growth streaks. While large-scale wealth exists, issues like high housing costs, inflation, and stagnant real wages are straining household budgets, creating a perception of economic hardship even if official recession figures aren't met.
A fifty-dollar note is also known colloquially as a "pineapple" or the "Big Pineapple" because of its yellow colour. The $100 note is currently green and is known colloquially as a “watermelon”, but between 1984 and 1996 it was grey, and was called a grey nurse (a type of shark).
Businesses can generally choose which payment types they accept. It is legal for a business to specify the terms and conditions that they will supply goods and services. In most cases, this includes whether they will accept cash payment.
However, we expect cash will not die out globally for at least the next 20-30 years. It will probably happen gradually, as the world becomes more digital and our institutions develop the ability to extensively protect and encrypt data.
Money allows us to meet our basic needs—to buy food and shelter and pay for healthcare. Meeting these needs is essential, and if we don't have enough money to do so, our personal wellbeing and the wellbeing of the community as a whole suffers greatly.
Security Risks in a Cashless World
In a card-based society, the entire financial system relies heavily on digital infrastructure, making it vulnerable to cyberattacks. Hackers can target payment platforms and financial services, exploiting system vulnerabilities to steal money or personal data.
Living on $1,000 a month is extremely challenging but possible in very low-cost areas, requiring strict budgeting, cutting all non-essentials, relying on free entertainment, cooking all meals, and potentially having no rent or a roommate; it's generally not feasible in most US cities, where housing alone often exceeds this amount, but it might work in extremely rural areas or with subsidized housing. Success hinges on minimizing housing, transportation, and food costs, and potentially supplementing income.
The 70% money rule usually refers to the 70/20/10 budgeting rule, a simple guideline that splits your after-tax income into three categories: 70% for needs/living expenses, 20% for savings/investments, and 10% for debt repayment or giving. It helps you balance essential spending, building wealth, and managing debt by allocating funds for day-to-day costs (housing, food, bills), future goals (retirement, emergency fund), and debt reduction (loans, credit cards).
Wealthy nations are nearly cashless: Sweden (14%), Norway (10%), and South Korea (10%) show how digital payment infrastructure correlates with economic development.
With no cash system to fall back on, these kinds of security threats could potentially be devastating in a cashless society. The risk of other crimes such as identity theft, account takeovers, and fraudulent transactions will also increase when digital payments become the only option.
Technologically, a central bank digital currency could serve as a substitute for physical cash.
Full list - Where you need the most cash
Implications for society
A significant concern in a cashless society is the impact on vulnerable populations, such as the elderly, low-income individuals, and those without access to digital technologies. These groups may find it challenging to adapt, potentially leading to exclusion.
Giving people the freedom to pay with physical cash provides accessibility to those who do not have bank accounts and consumers with privacy concerns associated with credit or debit card use. This trend toward protecting continued cash usage provides a clear answer to the question of “will cash ever go away?”