Will notes and coins be gone by 2023?

A new study predicts cash is set to almost disappear in New Zealand.

The report says that within three years only 1 in 5 people will use notes and coins.

The study was conducted by EFTPOS provider Worldpay.

Research currently shows that New Zealanders are moving towards shopping on their mobile phones, with 42 percent of all online purchases last year done via mobile.

That figure is estimated to grow to 59 percent by 2023.

Last year there was a spike in popularity in digital and mobile wallets such as Apple Pay, Google Pay, and PayPal. This accounted for 19 percent of all transactions made online.

Worldwide, 41.8 percent of overall transactions were made through digital and mobile means in 2019.

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Cian

I think that this is a good idea! 😁

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I like using dollar bills😢

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