Research commissioned by MasterCard has revealed that Australian consumers are opting for contactless payments over cash.
Data revealed that 66% of consumers prefer using the tap and go option for transcations under $100 with 64% overall choosing the method over carrying cash.
The increase in selecting payment technology by Australians suggests it's a matter of security.
77% of shoppers said that speed and convenience have prompted them to ditch paying with cash while 82% believe they are more likely to be reimbursed for fraudulent trasnactions made with a credit or debit card.
Western Australia reportedly holds the highest preference for payment technology at 72% followed by New South Wales at 67% and Victoria and Tasmania both at 66%.
MasterCard SVP and country manager Andrew Cartwright believes retailers should take note of consumers' changing habits.
“This research indicates not only a shift in the preferred methods in which consumers like to pay, but also suggests that they are beginning to understand and trust the safety benefits associated with paying by card.
“As contactless payments continue to rise, cash is increasingly become unnecessary real estate in wallets.
“I’ll take a card any day of the week – it is safer than cash.
“With a card I’m protected against unauthorised purchases, whereas, if my wallet is stolen, the cash is as good as gone.”