It was once said that cash was king – but that doesn’t appear to be the case anymore as customers embrace tap and go contactless payments for small transactions under $100.
According to Galaxy research commissioned by MasterCard, 64 per cent of customers favour tap and go over paying cash.
The same study also showed 66 per cent of those making cashless payments preferred tap and go over typing in their PIN.
Speed and convenience were the main factors behind the growth of tap and go along with the safety benefits of contactless cards.
Most Australians (82 per cent) believe they are more likely to be reimbursed for an unauthorised contactless payment made with stolen card than having stolen cash returned to them.
Customers in Western Australia have the highest preference for contactless payments in Australia at 77 per cent followed by NSW (72 per cent), Victoria and Tasmania (both 66 per cent).
There are more than 625,000 terminals across Australia and the fastest growth has been seen in movie theatres, fast food outlets, convenience stores, chemists and night clubs.