The retail world is embarking on a cashless revolution. Technological advancements over the past decade revolutionised the way consumers pay for goods and services. Phones and smartwatches are now regularly used to make payments, more recently complemented by such emerging options as buy-now-pay-later and cryptocurrencies. Data from the Reserve Bank of Australia suggests that, nowadays, cash is used for only 16 per cent of in-person transactions, down from about 70 per cent in 2007.
