Reserve Bank governor Philip Lowe on Tuesday said the days of the cheque were numbered while revealing Australians were also quickly giving up on cash as they moved to tap-and-go and other electronic forms of payment | swrighteconomy
The cheque may soon no longer be in the mail with the Reserve Bank signalling the payment system may have to end.
The days of the cheque are rapidly coming to an end with the Reserve Bank signalling the system may have to be wound up.Addressing the Australian Payments Network Summit in Sydney, Dr Lowe revealed the bank's traditional survey of payment systems has found another huge fall in the use of cheques. "There has been a further trend decline in the use of cash, with cash now accounting for just around a quarter of day-to-day transactions, and most of these are for small-value payments," he said.
The rapid embracing of electronic payments was also cause for concern, especially the IT systems underpinning them.
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