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Cashless payments on the rise in Australia
7 Feb 2012

The number of cashless payments made in Australia rose significantly last year, according to new research.

The Bankwest Cash Report for January 2012 has revealed that the number of e-money payments made in Australia has increased by eight per cent in the 12 months to November 2010 and by 45 per cent over the last five years.

Over the past year, a total of 7.1 billion retail cashless transactions were made by both households and businesses across Australia. This is the equivalent of 311 non-cash purchases per person over the year, compared to 232 transactions per person five years ago.

Ian Corfield, Bankwest Business' chief executive, claimed that there is a clear move away from cash transactions in the country.

"Debit cards are the favourite method of non-cash payment for smaller transactions, and over the past year have seen the fastest growth of any transaction type," he said.

The study shows that over 2.6 billion debit card transactions worth a total value of $155 billion (£98 billion) were made in the last year.

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