Finance minister: Australians should embrace 'cashless society'

Australia should embrace a "cashless society" as it would save the nation billions of dollars and increase security, Australia's Assistant Minister to the Treasurer said on Wednesday. Alex Hawke said that just like checks, cash was becoming an unnecessary part of everyday transactions, and said Australia was already "well on the way" to becoming a cashless society.

Hawke told Fairfax Media that it would not only make transactions safer - with less risk of losing cash or having it stolen, embracing a cashless society would also save the economy billions of dollars of money and hours of labor every day.

"The change will lead to countless benefits for all Australians in convenience and security, and will save billions in transaction costs every year," Hawke said on Wednesday.