Bouncing them all – starting with government – but cash gets to stick around
The Strategy document points out that checks"continue to be used by certain cohorts of the population, particularly older Australians and those living in regional or rural areas or with limited digital proficiency or connectivity." Charities, the document states,"take a large proportion of donations through checks from their donors."
But the Treasurer and the document he delivered both expressed confidence that Australia will survive the demise of checks – because its New Payments Platform improves clearing between financial institutions and allows real-time peer-to-peer payments between accountholders using just an email address or phone number as an identifier.
For individual users, NPP transactions appear in their preferred banking apps within seconds – speed that has seen Australia's Reserve Bank ponder whether a central bank digital currency would improve on the platform."Cash is still widely accepted as a means of payment by merchants, used as a store of value, and provides resilience to the payments system during outages where digital forms of money cannot be used," the document states.
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