Many are familiar with the phrase “cash is king". But that saying might be a little bit of out of date. Especially when you consider that debit and credit card transactions -- now make up more than three-quarters of all payments in Australia. And while major banks are predicting Australia will soon become a cashless society ... There are many who argue that getting rid of physical money -- and cheques -- will cause great harm to communities across the nation. Brad Kelly, the managing director of a consultancy called "payment services" says with around 13 percent of transaction made in cash, we already live in a vastly cashless society.