Adapting to a cashless society

By Kate - Fri, 21/02/2020

There's a popular saying that we’ve all heard; ‘cash rules everything’. But, is this true in 2020?

As we hit the second decade of the 21st century, it's becoming more evident that a cashless society is upon us. So what does this mean for business and the world in general? Well, let's find out!

In 1969, a mere 51 years ago, the first ATM popped up in Sydney1. It's hard to believe that in the scheme of things, it wasn’t that long ago that we introduced the concept of instant cash withdrawals, without the double handling of a bank teller. At the time, this was revolutionary, and up until a decade ago, heading to the ATM to withdraw notes was something many of us did on the daily. However, in recent times, the rise of advanced technology has meant that cash is not in fact king, and that accessing your funds through your devices is far more accessible. 

Gone are the days where we would have to wait 3 days for a bank transfer to process. Features like ‘Osko’ have meant that you can transfer money from person to person instantly. We now live in a world that not only seeks, but expects instant gratification, so features like this make a lot of sense in replacing cash when it comes to convenience. 

In terms of business, the move towards a cashless society has meant that business owners can have more transparency when it comes to their accounts, as well as saving money by increasing efficiencies.

So when will Australia become completely cashless? That’s a question we can’t answer for the time being, though it could be sooner than we think. Prime Minister Scott Morrison introduced legislation to Parliament in September 2019 that could see purchases over $10,000 becoming illegal to be made in cash2. Limiting how we can spend cash, especially when it comes to business is a fair indication that cash is on it’s way out in Australia. 

Other countries like Sweden, who incidentally were the first nation to introduce the ‘banknote’, are set to be the first to move over to a cashless society with the goal of making it happen by 2023. The clever creation of the payment system known as ‘Swish’ in Sweden has meant that citizens can “authorise safe and instantaneous transactions to friends, companies and organisations”3. Integrating Swish into daily life and businesses all over Sweden has resulted in a very small portion of individuals still using cash, most of which fall into an elderly demographic 

It is evident that the future is cashless, and that’s why My School Connect is moving with the times. We are truly interested in seeing how the world develops around us when it comes to technology, and are determined to keep up! Revolutionising the business aspects of schools (canteen/uniform shop etc) as cashless entities is something that we see as non-negotiable in the current world we live in. The pros far outweigh the cons when it comes to living in a cashless world, so it’s time to take the leap! 

1How will your business cope with a cashless society?’, 19 Feb 2020, https://www.fraedom.com/514/will-business-cope-cashless-society/

2Cash was predicted to be dead in Australia as early as 2022, but there are plenty of reasons why it will be king for a while yet’, 19 Feb 2020, https://www.businessinsider.com.au/australia-cashless-society-cash-ban-card-payments-2019-10

3Why a cashless society is the way forward’, 19 Feb 2020, https://insidesmallbusiness.com.au/technology-software/why-a-cashless-society-is-the-way-forward