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.

Professor Richard Holden, Professor of Economics at UNSW Business School says that it's become a lot more convenient for people, especially businesses.

"Businesses don't need to bundle up cash at the end of the day, take out extra insurance for having large amounts of cash on hand - and consumers can get things moving faster without fumbling around for change," he told Gary Adshead. 

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