Australia is heading towards becoming a cashless society, with cash expected to make up just 10 per cent of all transactions by 2025.

The prediction comes from market consultant Lance Blockley, who says the pandemic has sped up the shift to cashless payments.

Cash made up 24.2 per cent of transactions in 2019.

Professor of economics at UNSW Business School, Richard Holden, says cashless transactions “make a lot of things much quicker”.

“There’s insurance that has to be had when you’ve got a lot of cash lying around in businesses,” he told Ross and Russel.

Press PLAY below to hear Professor Holden’s thoughts on the shift away from cash