When was the last time you paid for something with cash? With almost all businesses, from cafes to street performers, now taking cards, more and more of us are like the Queen—we just don't carry cash, my dear.

And that's not just anecdotal: ABS data shows that in 2010, the average person withdrew cash from an ATM 40 times a year, but now it's just 25 times a year.

So how are we paying for things? Well, we have several options. There's plastic, of course: we only paid electronically about 100 times a year in 2000, now we tap and go almost 500 times a year.

There's mobile: thanks to Apple Pay, Samsung Pay and Android Pay, a huge 16.8 million people used their phones and smartwatches to pay for purchases in the first six months of 2018, an increase of 35 per cent. That's huge, considering not all banks have rolled out mobile payments yet.

And there are the buy now, pay later services, such as Afterpay and Zip Money, where you pay by interest-free instalments—about two million people use those services in Australia now, which is five times as many people as in 2015.

But there are plus sides and downsides to the new cashless society. Here's how it really affects us...

IT'S CONVENIENT. No more scrabbling for notes and coins, or queuing up at ATMs that charge you to take out cash.

IT CAN BE SAFER. Some card issuers will guarantee online purchases or extend the warranty on goods bought with eligible cards. Unlike stolen cash, banks usually refund you for purchases made with stolen cards, as long as you report them quickly. Mobile payments often need a fingerprint or facial recognition to authorise payment.

IT CAN BE MORE EXPENSIVE. Shoppers are proven to remember cash purchases more than card purchases, which means you end up spending more using cards.

EXTRA CHARGES. You'll be whacked with interest rates unless you pay off credit cards in full each month. And if you're a heavy user of services like Afterpay, your fortnightly bills can really rack up, along with hefty late fees if you don't pay on time.

YOUR PRIVACY IS DEAD. It's easy for your bank to track what you buy. (On the plus side, that's how they figure out if someone stole your card – thieves' purchases will trigger red flags because they're outside your usual buying pattern.)

Convenience has to trump all the cons, so it's plastic, phones or whatever else the techies dream up (implanted chips, anyone?) all the way.