Out of interest, NathanJ, where does your cash come from?

>>At present, I shop at the Adelaide Central Markets each week and when my "cash" runs out - I stop shopping<<

Let me assume for a moment that, like most of us, you retrieve money from a Bank in order to pay the tradespeople in the market. I'd guess that in order to do this, you use a piece of plastic, or sign a cheque. There would need to be a positive balance in your account for you to do this, or an agreed overdraft/loan capability. Once this cash is in your pocket, it is then exchanged for goods.

What, apart from the immediacy of emptying your pocket of cash, is the difference between paying the stallholder in a) cash b) plastic or c) cheque?

Choosing to use a phone will not change the concept, only the medium. Plastic cards have been in use for decades, but paper cheques are still accepted by Banks. Many people will choose to use their phones in the future, in the same way that people chose to use plastic over paper in the past. And security will undoubtedly keep pace, otherwise people will not move across - as many folk resisted plastic too, until the risks and rewards equalized themselves out in their minds.

I think you are worrying over nothing.

Pericles,

Banks are supposed to be "smart" and also have plenty of "phones" in their offices and call centres.

The article clearly states: "The Westpac Cash Free Report which surveyed more than 1000 smartphone users found four in five people expect all electronic payments to be done via a smartphone in seven years time."

If a smart banking operation, like Westpac, can make such a comment, then I am simply asking them to prove it, particularly with their cashless society element by 2022.

I don't want to be paying silly bank fees and charges for silly reports with no real basis to them - or be forced to buy anything in the future I don't want.

If we remove currency in a physical format (completely) many people including myself, will go towards areas like food swapping programs (I have a herb and vegetable garden).

P.S Don't forget the Liberal Party also has a policy to get rid of 5c coins in Australia.