With cash payments imbued with anxieties around spreading COVID-19, Aussies are swapping out coins for contactless digital solutions. And with the demand for physical cash plummeting, digital adoption is becoming less of a choice and more of an expectation in a contactless world.

Only a fifth of Australians like to make purchases in cash, with most now preferring the convenience and security offered by digital payments. As spending habits change, businesses can use payment tech to retain customers and eliminate the pain points associated with cash.

The health crisis caused by COVID-19 is steadily making way for an economic crisis as businesses seek support in restarting operations and individuals face up to job insecurity. Canvas8 spoke to 17 people in the UK and US to find out how their spending habits have been impacted by the pandemic.

Berlin-based digital bank N26 may not have any branches, but it’s still connecting with consumers across the world. It has attracted tech-savvy Gen Zers and Yers – along with other neobanks – with one-touch money management using smartphone-friendly features and economical borderless banking.