Are we doing away with cash?

With the introduction of computers into the retail banking system in the 1950s, the notion of a cashless economy has always been a possibility.

Around the world, cashless options like debit and credit cards, PayPal, Square, Apple Pay and Bitcoin, have becoming increasingly prevalent.

And in Australia, a recent study by the Reserve Bank found that the use of banknotes and coins fell from 69% in 2007 to just 47% in 2013.

So, do all these developments signal the death of cash?

David Bond, our Man on the Money, joined Kim in studio.

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