From publicaccountant.com.au: Australia is rapidly transitioning to a cashless economy, with cash payments declining significantly due to factors like the COVID-19 pandemic and the rise of digital transactions.

While this shift offers benefits such as enhanced tax compliance and operational efficiency for small businesses, it also poses risks related to financial exclusion and cybersecurity.

To support this transition, experts advocate for improved digital literacy, regulatory updates, and contingency plans for businesses to adapt to a future largely devoid of cash.