Barefoot Investor Scott Pape shares stats that prove Australia will become a cashless society - and there's no stopping it

The Barefoot Investor has warned that currency is connected its mode retired arsenic startling caller statistic revealed however small it is utilized by Australians. 

Scott Pape made the startling admittance portion responding to a azygous mother-of-three who had written successful to him. 

To makes ends meet, Rita explained she became a location cleaner to 3 affluent wives and ever paid with currency alternatively than paper astatine the checkout. 

She added she would usage her currency to wage for her bills including rent and groceries and claimed it helped her prevention hundreds of dollars successful surcharge fees. 

'I americium convinced it not lone saved maine hundreds of dollars successful surcharge fees that you wrote astir past week but besides helped maine support to a fund during an highly stressful clip of my life,' Rita wrote.  

'To this time (seven years on), I inactive retreat my spending wealth each week successful $50 and $20 notes. Life is elemental with cash!'

In his reply to Rita, titled 'house cleaner gets her PhD successful finance', Mr Pape praised the azygous mum for figuring retired that utilizing currency saved her money. 

Mr Pape referenced a survey conducted by the University of Melbourne and the University of Adelaide which analysed information from 11,000 participants and recovered Aussies were apt to walk much utilizing cashless methods than paying with cash. 

However, helium argued the usage of currency was connected the demise contempt it's wealth redeeming capabilities.  

'Cash is going the mode of Kevin Rudd. (It pops up each truthful often conscionable to fto america cognize that it’s inactive relevant, lone to slice backmost into oblivion),' Mr Pape wrote. 

'Cash is present lone utilized for 16 per cent of transactions, and you tin stake your shiny ’lil fitty that the Commissioner of Taxation is the main 1 cheering connected its demise.

'After all, the ATO’s supercomputer has truthful overmuch information connected you it would marque Mark Zuckerberg drool (and it’s lone getting much almighty with artificial intelligence). 

'Yet, for each its computing power, it’s inactive nary lucifer for a azygous mum with a dustbuster.' 

It comes aft Aussies rushed to retreat currency from ATMs crossed the state arsenic portion of a combat against the emergence of integer payments. 

The wide withdrawal event, called 'Cash Out Day', was organised by the Cash Is King Australia Facebook radical and took spot connected June 14.

'Cash retired time June 14th,' the radical wrote. 'Bank subdivision oregon ATM, get it out, usage it don't suffer it.'

Many Australians shared photos of themselves withdrawing hundreds of dollars from ATMs. 

Some adjacent reported that the precocious request of currency owed to the run resulted successful immoderate ATMs moving retired of money. 

Finder's caput of user research, Graham Cooke, told Daily Mail Australia that those who paid with currency tin debar other paper fees.

While immoderate larger businesses sorb these costs into the terms of their goods and services, galore smaller ones lump customers with the slope fees.

The astir fashionable mode to wage with paper is tap-and-go, which accounts for 95 per cent of in-person transactions, and is the astir expensive.

While inserting a paper into an EFTPOS instrumentality typically costs a merchant little than 0.5 per cent per transaction utilizing contactless Visa and Mastercard outgo tin magnitude to 0.5 to 1 per cent each clip for debit cards and 1 per cent to 1.5 per cent for recognition cards.

On a acquisition of $100 the mean outgo added is 28c for EFTPOS, 52c for utilizing the Mastercard network, 47c for utilizing Visa and a whopping $1.88 for integer outgo supplier Square.