Costs stack up as payments go digital, but some insist we’ll never go cashless

Carrying cash is fast becoming a relic of the past. While some argue it should be kept alive as a payment method, others think keeping it around will only prolong economic pain. In December, Reserve Bank governor Michele Bullock warned that the collapse in the use of cash was putting strain on the entire payment system as the share of payments made with physical money shrank from 70 per cent in 2007 to 13 per cent last year, as consumers switched to digital payments . Days later, Treasurer Jim Chalmers vowed to keep banknotes in circulation , saying it was an obligation to make sure those who wanted to access cash – especially in…