The journey towards a cashless society began decades ago, with the introduction of the Bankcard system in 1974 and the EFTPOS system in 1983-1984. These innovations marked the dawn of digital payments in Australia. Since the mid- to late-2010s, smartphones have become vessels for digital wallets and touch-and-go payments. For the tech-savvy and digitally connected, the transition to a cashless society can be seamless and even enjoyable. Online banking, mobile payment apps, and contactless transactions have undoubtedly simplified our lives. However, the convenience that these innovations offer might not be equally accessible to everyone, especially seniors who may not be familiar with technology.
Challenges Faced by the Elderly: Digital Literacy Gap: Many elderly individuals grew up in a time when digital devices were nonexistent. Without proper support, understanding how to use these tools for financial transactions can be a significant barrier.
Dependency on Physical Money: The older generation has often relied on physical currency for decades. The tangible nature of cash provides a sense of security and familiarity that digital transactions may not replicate. The loss of this tactile connection can lead to feelings of uncertainty and vulnerability, etc.
Isolation and Dependence: For many seniors, a trip to the bank or local store was not just about transactions but also an opportunity for social interaction. The shift to online banking and cashless transactions might inadvertently increase their isolation, as these routine outings diminish.
