Why we are facing the death of cash in Australia

Could you get through a week without spending any cash? No, not because you're broke and literally have none to spend. I'm talking about not having to withdraw notes from an ATM or feed coins into a parking meter. That's where Australia is heading.

The move away from cash is perhaps not surprising given the array of payment options now available, from credit and debit cards, to online banking and smartphone apps. Soon we'll be seeing more "wearable" devices - smart watches, glasses and wristbands - that allow you to make payments. Just when we'll become a completely cashless society is up for debate - some predict it will happen in the next two years while others say it will be closer to 2020. Regardless of the time line, if you want to be ready for the change here are a few ways you can get through a week without using cash.

The most obvious is to use your ATM card for EFTPOS or the debit card linked to your account. This won't cost you anything but some outlets have a minimum required spend for EFTPOS, so it may not work for smaller purchases. You could always take your business elsewhere.

Next is to use your credit card. I'm not advocating getting into debt here. If you're disciplined with your spending you could even take out a rewards card, use it to make as many purchases as possible to earn points and then pay it in full each month. The last step is the key to success. You may be hit with a surcharge to use your credit card, though.

Then there is your smartphone. There are a number of apps that let you pay for goods or even transfer money into other accounts. With Commonwealth Bank's Tap & Pay, for example, you can use your Android device or iPhone to pay at any MasterCard PayPass terminal. So it doesn't matter if you've left your card at home. You will need the app and may need to order a PayTag ($2.99) to stick on your phone. Westpac has something similar but currently it's only available on Samsung Galaxy S4 and S5 handsets. Customers can make payments wherever MasterCard PayPass and Visa payWave are accepted.

Most major banks have apps that let you transfer money. With NAB's Flik, for example, you can send payments to a mobile contact or Facebook friend or by entering a mobile number or email address. NAB says if you and your friend are out together you can pay on the spot by scanning a unique QR (quick response) code from NAB Flik or, if both devices are enabled for NFC (near field communications), by tapping your phones together. It's worth investigating what your bank offers on its app.

PayPal is best known as an online payment option but its app lets you pay for purchases in certain stores using your PayPal account. You may even be able to order ahead so you don't have to wait in line or pay from the table at certain restaurants. If you hate waiting for your coffee in the morning, then download the Beat the Q app onto your smartphone. Place an order, and pay for it, at your local cafe then pick it up without having to queue. Another app is QuickTap, which you can even use to buy drinks from Coca-Cola vending machines with the QuickTap icon.

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