ACT national leader in the 'cashless society'

On Monday, a report from the Reserve Bank of Australia showed ATM withdrawals and taking cash out during debit card transactions was at a fifteen year low.

Data from Beyond Bank Australia showed the use of their ATMs in the ACT had declined faster than any other market in the nation, with usage down by 15 per cent compared to the 11 per cent national average in the past year.

On the other hand, Beyond Bank's Visa payWave transactions in the ACT had risen 30 per cent in the past year, also higher than the national average.

Beyond Bank Australia ACT / New South Wales state manager Christ Blight said over the counter cash transactions had dropped 10 per cent in the ACT.

"I find Canberrans are early adopters of technology," Mr Blight said.

"I think that ease of payment by using tap and go, or Apple Pay coming into play; people are using that technology a lot better to access their funds."

According to Mastercard, 85 per cent of New South Wales and ACT customers are using contactless payments with 82 per cent of Australians choosing to go cashless nationally.

"For me [...] it's about consumers just looking for a safer, convenient alternative to making payments," Mr Blight said.

According to Mastercard, 88 per cent of millennials have adopted the technology, followed by 83 per cent of Generation X and 72 per cent of baby boomers.

Across the country, Commonwealth Bank has seen a drop in ATM transactions, dropping from 325 million in 2003 to an estimated 257 million by the end of the financial year in 2017.

According to their data, branch deposit and withdrawals have dropped from 130 million in 2003 to an estimated 56 million in 2017.

Cardless cash and contactless payments skyrocketed since June 2014.

CommSec chief economist Craig James said cash was no longer king, while tap and go payments were more popular for smaller transactions