In a world where convenience is king, it's no surprise that Aussies are ditching cash in favour of quick and easy tap-and-go payments and online transfers.

In fact, cash payments have reportedly plummeted to a mere 13% of all transactions – a trend that shows no signs of slowing down.

But with this shift towards cashless methods comes a new set of challenges – namely, ensuring the safety and security of electronic payments.

At the recent Australian Financial Review Banking Summit, Ellis Connolly, the Head of Payments Policy at the Reserve Bank of Australia, highlighted the need to protect electronic payments against potential cyber threats.

'The dominance of cards and the consumer shift to mobile devices raise some important issues within the RBA's mandate,' he said.

While Connolly emphasised the importance of safety, he failed to address the very real risk of cyber sabotage, leaving many wondering just how secure their electronic payments really are.

Cash transactions are declining in Australia, with only 13% of purchases now using banknotes or coins. Credit: Unsplash/Blake Wisz.

As we move towards a cashless society, it's more important than ever to consider the potential risks and take steps to safeguard our financial transactions.

Imagine a world where every EFTPOS terminal in the entire country was suddenly shut down. It may sound like the stuff of nightmares, but according to Cyber Security Expert Ben Britton, it's a very real possibility if a hacker were to exploit a banking computer code.

'If there was a major cyber attack, if there was a vulnerability within that terminal and it was exploited, then they could potentially shut down every terminal in the entire country,' he argued.

In an interview with Daily Mail Australia, Britton warned that everything connected to the internet is vulnerable – including our phones, which many of us use to make purchases and conduct online banking.

Despite the risks, the convenience of card payments has led to a surge in their use, with debit cards now accounting for half of all transactions and credit cards making up a quarter.

It's hard to believe that just over a decade ago, two-thirds of payments in Australia were made in cash. Fast forward to today, and contactless tap-and-go payments and mobile payments have taken over, with younger consumers, in particular, driving this trend.

A cybersecurity expert warns of potential risks associated with the growing popularity of mobile payments, as they are more vulnerable to cyber attacks than card transactions. Credit: Unsplash/Blake Wisz.

As we become increasingly reliant on electronic payments, it's crucial to consider the potential consequences of a major cyber attack and take steps to protect ourselves against these threats.

Ensuring the safety and security of electronic payments is just one piece of the puzzle. It's equally important to make sure that these payment methods are accessible and affordable for all.

Currently, the average cost of retail payments is 0.55% of each transaction, which can be a significant burden for small businesses. That's why the Reserve Bank of Australia must continue to work towards making merchant costs more manageable so that debit and credit cards don't come with such a high price tag.

By investing in both the security and affordability of electronic payments, the RBA can help to create a more accessible and equitable financial system for all Australians.

Key Takeaways

• Electronic payments, including tap-and-go and mobile payments, have become increasingly popular in Australia, leading to a significant decline in cash transactions.
• However, this shift has also raised concerns about the safety and security of electronic payments, particularly in light of the potential for cyber-attacks.
• The Reserve Bank of Australia is working to address these concerns by investing in both the security and affordability of electronic payments, with the goal of creating a more accessible and equitable financial system for all Australians.

As we move towards a cashless society, the importance of safe and affordable electronic payments cannot be overstated. From the convenience of tap-and-go to the potential risks of cyber attacks, there is much to consider when it comes to how we choose to pay for goods and services.

So, what do you think the future of payments looks like? Will we continue to rely on cards and mobile devices, or will new technologies emerge to revolutionise the way we pay?

Also, what does the future hold for cash payments? Will it really be gone for good, or will we always rely on physical currency in some way? Let us know what you think in the comments, members!

 

[margaretritchie48@hotmail]

No there should still be cash. I have started paying by cash at some places as they are now charging you a fee for using a card. Older people do not have, or want, cards or internet banking.
When I worked I did the bank statement etc. and you would be amazed at how many credit transactions could not be identified that appeared on the statements. There is no way to track if not done through a bank.

 

[Clymar]

In a world where convenience is king, it's no surprise that Aussies are ditching cash in favour of quick and easy tap-and-go payments and online transfers.

In fact, cash payments have reportedly plummeted to a mere 13% of all transactions – a trend that shows no signs of slowing down.

But with this shift towards cashless methods comes a new set of challenges – namely, ensuring the safety and security of electronic payments.

At the recent Australian Financial Review Banking Summit, Ellis Connolly, the Head of Payments Policy at the Reserve Bank of Australia, highlighted the need to protect electronic payments against potential cyber threats.

'The dominance of cards and the consumer shift to mobile devices raise some important issues within the RBA's mandate,' he said.

While Connolly emphasised the importance of safety, he failed to address the very real risk of cyber sabotage, leaving many wondering just how secure their electronic payments really are.

View attachment 16994

Cash transactions are declining in Australia, with only 13% of purchases now using banknotes or coins. Credit: Unsplash/Blake Wisz.

As we move towards a cashless society, it's more important than ever to consider the potential risks and take steps to safeguard our financial transactions.

Imagine a world where every EFTPOS terminal in the entire country was suddenly shut down. It may sound like the stuff of nightmares, but according to Cyber Security Expert Ben Britton, it's a very real possibility if a hacker were to exploit a banking computer code.

'If there was a major cyber attack, if there was a vulnerability within that terminal and it was exploited, then they could potentially shut down every terminal in the entire country,' he argued.

In an interview with Daily Mail Australia, Britton warned that everything connected to the internet is vulnerable – including our phones, which many of us use to make purchases and conduct online banking.

Despite the risks, the convenience of card payments has led to a surge in their use, with debit cards now accounting for half of all transactions and credit cards making up a quarter.

It's hard to believe that just over a decade ago, two-thirds of payments in Australia were made in cash. Fast forward to today, and contactless tap-and-go payments and mobile payments have taken over, with younger consumers, in particular, driving this trend.

View attachment 16995

A cybersecurity expert warns of potential risks associated with the growing popularity of mobile payments, as they are more vulnerable to cyber attacks than card transactions. Credit: Unsplash/Blake Wisz.

As we become increasingly reliant on electronic payments, it's crucial to consider the potential consequences of a major cyber attack and take steps to protect ourselves against these threats.

Ensuring the safety and security of electronic payments is just one piece of the puzzle. It's equally important to make sure that these payment methods are accessible and affordable for all.

Currently, the average cost of retail payments is 0.55% of each transaction, which can be a significant burden for small businesses. That's why the Reserve Bank of Australia must continue to work towards making merchant costs more manageable so that debit and credit cards don't come with such a high price tag.

By investing in both the security and affordability of electronic payments, the RBA can help to create a more accessible and equitable financial system for all Australians.

Key Takeaways

• Electronic payments, including tap-and-go and mobile payments, have become increasingly popular in Australia, leading to a significant decline in cash transactions.
• However, this shift has also raised concerns about the safety and security of electronic payments, particularly in light of the potential for cyber-attacks.
• The Reserve Bank of Australia is working to address these concerns by investing in both the security and affordability of electronic payments, with the goal of creating a more accessible and equitable financial system for all Australians.

As we move towards a cashless society, the importance of safe and affordable electronic payments cannot be overstated. From the convenience of tap-and-go to the potential risks of cyber attacks, there is much to consider when it comes to how we choose to pay for goods and services.

So, what do you think the future of payments looks like? Will we continue to rely on cards and mobile devices, or will new technologies emerge to revolutionise the way we pay?

Also, what does the future hold for cash payments? Will it really be gone for good, or will we always rely on physical currency in some way? Let us know what you think in the comments, members!

No way. If you allow yourself so much each week when the cash runs out that is it. With a card you just keep tapping . No wonder the younger ones run into trouble. To easy to tap and go.

 

[LauMar]

In a world where convenience is king, it's no surprise that Aussies are ditching cash in favour of quick and easy tap-and-go payments and online transfers.

In fact, cash payments have reportedly plummeted to a mere 13% of all transactions – a trend that shows no signs of slowing down.

But with this shift towards cashless methods comes a new set of challenges – namely, ensuring the safety and security of electronic payments.

At the recent Australian Financial Review Banking Summit, Ellis Connolly, the Head of Payments Policy at the Reserve Bank of Australia, highlighted the need to protect electronic payments against potential cyber threats.

'The dominance of cards and the consumer shift to mobile devices raise some important issues within the RBA's mandate,' he said.

While Connolly emphasised the importance of safety, he failed to address the very real risk of cyber sabotage, leaving many wondering just how secure their electronic payments really are.

View attachment 16994

Cash transactions are declining in Australia, with only 13% of purchases now using banknotes or coins. Credit: Unsplash/Blake Wisz.

As we move towards a cashless society, it's more important than ever to consider the potential risks and take steps to safeguard our financial transactions.

Imagine a world where every EFTPOS terminal in the entire country was suddenly shut down. It may sound like the stuff of nightmares, but according to Cyber Security Expert Ben Britton, it's a very real possibility if a hacker were to exploit a banking computer code.

'If there was a major cyber attack, if there was a vulnerability within that terminal and it was exploited, then they could potentially shut down every terminal in the entire country,' he argued.

In an interview with Daily Mail Australia, Britton warned that everything connected to the internet is vulnerable – including our phones, which many of us use to make purchases and conduct online banking.

Despite the risks, the convenience of card payments has led to a surge in their use, with debit cards now accounting for half of all transactions and credit cards making up a quarter.

It's hard to believe that just over a decade ago, two-thirds of payments in Australia were made in cash. Fast forward to today, and contactless tap-and-go payments and mobile payments have taken over, with younger consumers, in particular, driving this trend.

View attachment 16995

A cybersecurity expert warns of potential risks associated with the growing popularity of mobile payments, as they are more vulnerable to cyber attacks than card transactions. Credit: Unsplash/Blake Wisz.

As we become increasingly reliant on electronic payments, it's crucial to consider the potential consequences of a major cyber attack and take steps to protect ourselves against these threats.

Ensuring the safety and security of electronic payments is just one piece of the puzzle. It's equally important to make sure that these payment methods are accessible and affordable for all.

Currently, the average cost of retail payments is 0.55% of each transaction, which can be a significant burden for small businesses. That's why the Reserve Bank of Australia must continue to work towards making merchant costs more manageable so that debit and credit cards don't come with such a high price tag.

By investing in both the security and affordability of electronic payments, the RBA can help to create a more accessible and equitable financial system for all Australians.

Key Takeaways

• Electronic payments, including tap-and-go and mobile payments, have become increasingly popular in Australia, leading to a significant decline in cash transactions.
• However, this shift has also raised concerns about the safety and security of electronic payments, particularly in light of the potential for cyber-attacks.
• The Reserve Bank of Australia is working to address these concerns by investing in both the security and affordability of electronic payments, with the goal of creating a more accessible and equitable financial system for all Australians.

As we move towards a cashless society, the importance of safe and affordable electronic payments cannot be overstated. From the convenience of tap-and-go to the potential risks of cyber attacks, there is much to consider when it comes to how we choose to pay for goods and services.

So, what do you think the future of payments looks like? Will we continue to rely on cards and mobile devices, or will new technologies emerge to revolutionise the way we pay?

Also, what does the future hold for cash payments? Will it really be gone for good, or will we always rely on physical currency in some way? Let us know what you think in the comments, members!

I prefer cash having been hacked in the past!

 

[margaretritchie48@hotmail]

No way. If you allow yourself so much each week when the cash runs out that is it. With a card you just keep tapping . No wonder the younger ones run into trouble. To easy to tap and go.

This is why the young people of today have no idea how to handle their finances.

 

[Missypep]

I like to pay with cash and have money in my pocket so I can buy things when needed.
I refuse to use a card as they charge you for each transaction,just a money grabbing con, the banks make a huge profit as it is.

 

[marellep]

In a world where convenience is king, it's no surprise that Aussies are ditching cash in favour of quick and easy tap-and-go payments and online transfers.

In fact, cash payments have reportedly plummeted to a mere 13% of all transactions – a trend that shows no signs of slowing down.

But with this shift towards cashless methods comes a new set of challenges – namely, ensuring the safety and security of electronic payments.

At the recent Australian Financial Review Banking Summit, Ellis Connolly, the Head of Payments Policy at the Reserve Bank of Australia, highlighted the need to protect electronic payments against potential cyber threats.

'The dominance of cards and the consumer shift to mobile devices raise some important issues within the RBA's mandate,' he said.

While Connolly emphasised the importance of safety, he failed to address the very real risk of cyber sabotage, leaving many wondering just how secure their electronic payments really are.

View attachment 16994

Cash transactions are declining in Australia, with only 13% of purchases now using banknotes or coins. Credit: Unsplash/Blake Wisz.

As we move towards a cashless society, it's more important than ever to consider the potential risks and take steps to safeguard our financial transactions.

Imagine a world where every EFTPOS terminal in the entire country was suddenly shut down. It may sound like the stuff of nightmares, but according to Cyber Security Expert Ben Britton, it's a very real possibility if a hacker were to exploit a banking computer code.

'If there was a major cyber attack, if there was a vulnerability within that terminal and it was exploited, then they could potentially shut down every terminal in the entire country,' he argued.

In an interview with Daily Mail Australia, Britton warned that everything connected to the internet is vulnerable – including our phones, which many of us use to make purchases and conduct online banking.

Despite the risks, the convenience of card payments has led to a surge in their use, with debit cards now accounting for half of all transactions and credit cards making up a quarter.

It's hard to believe that just over a decade ago, two-thirds of payments in Australia were made in cash. Fast forward to today, and contactless tap-and-go payments and mobile payments have taken over, with younger consumers, in particular, driving this trend.

View attachment 16995

A cybersecurity expert warns of potential risks associated with the growing popularity of mobile payments, as they are more vulnerable to cyber attacks than card transactions. Credit: Unsplash/Blake Wisz.

As we become increasingly reliant on electronic payments, it's crucial to consider the potential consequences of a major cyber attack and take steps to protect ourselves against these threats.

Ensuring the safety and security of electronic payments is just one piece of the puzzle. It's equally important to make sure that these payment methods are accessible and affordable for all.

Currently, the average cost of retail payments is 0.55% of each transaction, which can be a significant burden for small businesses. That's why the Reserve Bank of Australia must continue to work towards making merchant costs more manageable so that debit and credit cards don't come with such a high price tag.

By investing in both the security and affordability of electronic payments, the RBA can help to create a more accessible and equitable financial system for all Australians.

Key Takeaways

• Electronic payments, including tap-and-go and mobile payments, have become increasingly popular in Australia, leading to a significant decline in cash transactions.
• However, this shift has also raised concerns about the safety and security of electronic payments, particularly in light of the potential for cyber-attacks.
• The Reserve Bank of Australia is working to address these concerns by investing in both the security and affordability of electronic payments, with the goal of creating a more accessible and equitable financial system for all Australians.

As we move towards a cashless society, the importance of safe and affordable electronic payments cannot be overstated. From the convenience of tap-and-go to the potential risks of cyber attacks, there is much to consider when it comes to how we choose to pay for goods and services.

So, what do you think the future of payments looks like? Will we continue to rely on cards and mobile devices, or will new technologies emerge to revolutionise the way we pay?

Also, what does the future hold for cash payments? Will it really be gone for good, or will we always rely on physical currency in some way? Let us know what you think in the comments, members!

In a world where convenience is king, it's no surprise that Aussies are ditching cash in favour of quick and easy tap-and-go payments and online transfers.

In fact, cash payments have reportedly plummeted to a mere 13% of all transactions – a trend that shows no signs of slowing down.

But with this shift towards cashless methods comes a new set of challenges – namely, ensuring the safety and security of electronic payments.

At the recent Australian Financial Review Banking Summit, Ellis Connolly, the Head of Payments Policy at the Reserve Bank of Australia, highlighted the need to protect electronic payments against potential cyber threats.

'The dominance of cards and the consumer shift to mobile devices raise some important issues within the RBA's mandate,' he said.

While Connolly emphasised the importance of safety, he failed to address the very real risk of cyber sabotage, leaving many wondering just how secure their electronic payments really are.

View attachment 16994

Cash transactions are declining in Australia, with only 13% of purchases now using banknotes or coins. Credit: Unsplash/Blake Wisz.

As we move towards a cashless society, it's more important than ever to consider the potential risks and take steps to safeguard our financial transactions.

Imagine a world where every EFTPOS terminal in the entire country was suddenly shut down. It may sound like the stuff of nightmares, but according to Cyber Security Expert Ben Britton, it's a very real possibility if a hacker were to exploit a banking computer code.

'If there was a major cyber attack, if there was a vulnerability within that terminal and it was exploited, then they could potentially shut down every terminal in the entire country,' he argued.

In an interview with Daily Mail Australia, Britton warned that everything connected to the internet is vulnerable – including our phones, which many of us use to make purchases and conduct online banking.

Despite the risks, the convenience of card payments has led to a surge in their use, with debit cards now accounting for half of all transactions and credit cards making up a quarter.

It's hard to believe that just over a decade ago, two-thirds of payments in Australia were made in cash. Fast forward to today, and contactless tap-and-go payments and mobile payments have taken over, with younger consumers, in particular, driving this trend.

View attachment 16995

A cybersecurity expert warns of potential risks associated with the growing popularity of mobile payments, as they are more vulnerable to cyber attacks than card transactions. Credit: Unsplash/Blake Wisz.

As we become increasingly reliant on electronic payments, it's crucial to consider the potential consequences of a major cyber attack and take steps to protect ourselves against these threats.

Ensuring the safety and security of electronic payments is just one piece of the puzzle. It's equally important to make sure that these payment methods are accessible and affordable for all.

Currently, the average cost of retail payments is 0.55% of each transaction, which can be a significant burden for small businesses. That's why the Reserve Bank of Australia must continue to work towards making merchant costs more manageable so that debit and credit cards don't come with such a high price tag.

By investing in both the security and affordability of electronic payments, the RBA can help to create a more accessible and equitable financial system for all Australians.

Key Takeaways

• Electronic payments, including tap-and-go and mobile payments, have become increasingly popular in Australia, leading to a significant decline in cash transactions.
• However, this shift has also raised concerns about the safety and security of electronic payments, particularly in light of the potential for cyber-attacks.
• The Reserve Bank of Australia is working to address these concerns by investing in both the security and affordability of electronic payments, with the goal of creating a more accessible and equitable financial system for all Australians.

As we move towards a cashless society, the importance of safe and affordable electronic payments cannot be overstated. From the convenience of tap-and-go to the potential risks of cyber attacks, there is much to consider when it comes to how we choose to pay for goods and services.

So, what do you think the future of payments looks like? Will we continue to rely on cards and mobile devices, or will new technologies emerge to revolutionise the way we pay?

Also, what does the future hold for cash payments? Will it really be gone for good, or will we always rely on physical currency in some way? Let us know what you think in the comments, members!

 

[maree12]

In a world where convenience is king, it's no surprise that Aussies are ditching cash in favour of quick and easy tap-and-go payments and online transfers.

In fact, cash payments have reportedly plummeted to a mere 13% of all transactions – a trend that shows no signs of slowing down.

But with this shift towards cashless methods comes a new set of challenges – namely, ensuring the safety and security of electronic payments.

At the recent Australian Financial Review Banking Summit, Ellis Connolly, the Head of Payments Policy at the Reserve Bank of Australia, highlighted the need to protect electronic payments against potential cyber threats.

'The dominance of cards and the consumer shift to mobile devices raise some important issues within the RBA's mandate,' he said.

While Connolly emphasised the importance of safety, he failed to address the very real risk of cyber sabotage, leaving many wondering just how secure their electronic payments really are.

View attachment 16994

Cash transactions are declining in Australia, with only 13% of purchases now using banknotes or coins. Credit: Unsplash/Blake Wisz.

As we move towards a cashless society, it's more important than ever to consider the potential risks and take steps to safeguard our financial transactions.

Imagine a world where every EFTPOS terminal in the entire country was suddenly shut down. It may sound like the stuff of nightmares, but according to Cyber Security Expert Ben Britton, it's a very real possibility if a hacker were to exploit a banking computer code.

'If there was a major cyber attack, if there was a vulnerability within that terminal and it was exploited, then they could potentially shut down every terminal in the entire country,' he argued.

In an interview with Daily Mail Australia, Britton warned that everything connected to the internet is vulnerable – including our phones, which many of us use to make purchases and conduct online banking.

Despite the risks, the convenience of card payments has led to a surge in their use, with debit cards now accounting for half of all transactions and credit cards making up a quarter.

It's hard to believe that just over a decade ago, two-thirds of payments in Australia were made in cash. Fast forward to today, and contactless tap-and-go payments and mobile payments have taken over, with younger consumers, in particular, driving this trend.

View attachment 16995

A cybersecurity expert warns of potential risks associated with the growing popularity of mobile payments, as they are more vulnerable to cyber attacks than card transactions. Credit: Unsplash/Blake Wisz.

As we become increasingly reliant on electronic payments, it's crucial to consider the potential consequences of a major cyber attack and take steps to protect ourselves against these threats.

Ensuring the safety and security of electronic payments is just one piece of the puzzle. It's equally important to make sure that these payment methods are accessible and affordable for all.

Currently, the average cost of retail payments is 0.55% of each transaction, which can be a significant burden for small businesses. That's why the Reserve Bank of Australia must continue to work towards making merchant costs more manageable so that debit and credit cards don't come with such a high price tag.

By investing in both the security and affordability of electronic payments, the RBA can help to create a more accessible and equitable financial system for all Australians.

Key Takeaways

• Electronic payments, including tap-and-go and mobile payments, have become increasingly popular in Australia, leading to a significant decline in cash transactions.
• However, this shift has also raised concerns about the safety and security of electronic payments, particularly in light of the potential for cyber-attacks.
• The Reserve Bank of Australia is working to address these concerns by investing in both the security and affordability of electronic payments, with the goal of creating a more accessible and equitable financial system for all Australians.

As we move towards a cashless society, the importance of safe and affordable electronic payments cannot be overstated. From the convenience of tap-and-go to the potential risks of cyber attacks, there is much to consider when it comes to how we choose to pay for goods and services.

So, what do you think the future of payments looks like? Will we continue to rely on cards and mobile devices, or will new technologies emerge to revolutionise the way we pay?

Also, what does the future hold for cash payments? Will it really be gone for good, or will we always rely on physical currency in some way? Let us know what you think in the comments, members!

 

[Cheezil]

Agree with others here, keep cash! We all still need it one time or another, even if we dont think so! And how do we know those percentages are to be trusted anyway? A bit like the banks telling us the rural branches closing due to no one using them- isn't it convenient & cost cutting for these banks to blame closures on them not being used? How do we know this is true or whether it is the banks doing this research themselves & coming up with stats that point a certain way (& supermarkets blaming cost of living for their own greed), etc etc!

 

[Jo Piper3]

In a world where convenience is king, it's no surprise that Aussies are ditching cash in favour of quick and easy tap-and-go payments and online transfers.

In fact, cash payments have reportedly plummeted to a mere 13% of all transactions – a trend that shows no signs of slowing down.

But with this shift towards cashless methods comes a new set of challenges – namely, ensuring the safety and security of electronic payments.

At the recent Australian Financial Review Banking Summit, Ellis Connolly, the Head of Payments Policy at the Reserve Bank of Australia, highlighted the need to protect electronic payments against potential cyber threats.

'The dominance of cards and the consumer shift to mobile devices raise some important issues within the RBA's mandate,' he said.

While Connolly emphasised the importance of safety, he failed to address the very real risk of cyber sabotage, leaving many wondering just how secure their electronic payments really are.

View attachment 16994

Cash transactions are declining in Australia, with only 13% of purchases now using banknotes or coins. Credit: Unsplash/Blake Wisz.

As we move towards a cashless society, it's more important than ever to consider the potential risks and take steps to safeguard our financial transactions.

Imagine a world where every EFTPOS terminal in the entire country was suddenly shut down. It may sound like the stuff of nightmares, but according to Cyber Security Expert Ben Britton, it's a very real possibility if a hacker were to exploit a banking computer code.

'If there was a major cyber attack, if there was a vulnerability within that terminal and it was exploited, then they could potentially shut down every terminal in the entire country,' he argued.

In an interview with Daily Mail Australia, Britton warned that everything connected to the internet is vulnerable – including our phones, which many of us use to make purchases and conduct online banking.

Despite the risks, the convenience of card payments has led to a surge in their use, with debit cards now accounting for half of all transactions and credit cards making up a quarter.

It's hard to believe that just over a decade ago, two-thirds of payments in Australia were made in cash. Fast forward to today, and contactless tap-and-go payments and mobile payments have taken over, with younger consumers, in particular, driving this trend.

View attachment 16995

A cybersecurity expert warns of potential risks associated with the growing popularity of mobile payments, as they are more vulnerable to cyber attacks than card transactions. Credit: Unsplash/Blake Wisz.

As we become increasingly reliant on electronic payments, it's crucial to consider the potential consequences of a major cyber attack and take steps to protect ourselves against these threats.

Ensuring the safety and security of electronic payments is just one piece of the puzzle. It's equally important to make sure that these payment methods are accessible and affordable for all.

Currently, the average cost of retail payments is 0.55% of each transaction, which can be a significant burden for small businesses. That's why the Reserve Bank of Australia must continue to work towards making merchant costs more manageable so that debit and credit cards don't come with such a high price tag.

By investing in both the security and affordability of electronic payments, the RBA can help to create a more accessible and equitable financial system for all Australians.

Key Takeaways

• Electronic payments, including tap-and-go and mobile payments, have become increasingly popular in Australia, leading to a significant decline in cash transactions.
• However, this shift has also raised concerns about the safety and security of electronic payments, particularly in light of the potential for cyber-attacks.
• The Reserve Bank of Australia is working to address these concerns by investing in both the security and affordability of electronic payments, with the goal of creating a more accessible and equitable financial system for all Australians.

As we move towards a cashless society, the importance of safe and affordable electronic payments cannot be overstated. From the convenience of tap-and-go to the potential risks of cyber attacks, there is much to consider when it comes to how we choose to pay for goods and services.

So, what do you think the future of payments looks like? Will we continue to rely on cards and mobile devices, or will new technologies emerge to revolutionise the way we pay?

Also, what does the future hold for cash payments? Will it really be gone for good, or will we always rely on physical currency in some way? Let us know what you think in the comments, members!

You need cash to

In a world where convenience is king, it's no surprise that Aussies are ditching cash in favour of quick and easy tap-and-go payments and online transfers.

In fact, cash payments have reportedly plummeted to a mere 13% of all transactions – a trend that shows no signs of slowing down.

But with this shift towards cashless methods comes a new set of challenges – namely, ensuring the safety and security of electronic payments.

At the recent Australian Financial Review Banking Summit, Ellis Connolly, the Head of Payments Policy at the Reserve Bank of Australia, highlighted the need to protect electronic payments against potential cyber threats.

'The dominance of cards and the consumer shift to mobile devices raise some important issues within the RBA's mandate,' he said.

While Connolly emphasised the importance of safety, he failed to address the very real risk of cyber sabotage, leaving many wondering just how secure their electronic payments really are.

View attachment 16994

Cash transactions are declining in Australia, with only 13% of purchases now using banknotes or coins. Credit: Unsplash/Blake Wisz.

As we move towards a cashless society, it's more important than ever to consider the potential risks and take steps to safeguard our financial transactions.

Imagine a world where every EFTPOS terminal in the entire country was suddenly shut down. It may sound like the stuff of nightmares, but according to Cyber Security Expert Ben Britton, it's a very real possibility if a hacker were to exploit a banking computer code.

'If there was a major cyber attack, if there was a vulnerability within that terminal and it was exploited, then they could potentially shut down every terminal in the entire country,' he argued.

In an interview with Daily Mail Australia, Britton warned that everything connected to the internet is vulnerable – including our phones, which many of us use to make purchases and conduct online banking.

Despite the risks, the convenience of card payments has led to a surge in their use, with debit cards now accounting for half of all transactions and credit cards making up a quarter.

It's hard to believe that just over a decade ago, two-thirds of payments in Australia were made in cash. Fast forward to today, and contactless tap-and-go payments and mobile payments have taken over, with younger consumers, in particular, driving this trend.

View attachment 16995

A cybersecurity expert warns of potential risks associated with the growing popularity of mobile payments, as they are more vulnerable to cyber attacks than card transactions. Credit: Unsplash/Blake Wisz.

As we become increasingly reliant on electronic payments, it's crucial to consider the potential consequences of a major cyber attack and take steps to protect ourselves against these threats.

Ensuring the safety and security of electronic payments is just one piece of the puzzle. It's equally important to make sure that these payment methods are accessible and affordable for all.

Currently, the average cost of retail payments is 0.55% of each transaction, which can be a significant burden for small businesses. That's why the Reserve Bank of Australia must continue to work towards making merchant costs more manageable so that debit and credit cards don't come with such a high price tag.

By investing in both the security and affordability of electronic payments, the RBA can help to create a more accessible and equitable financial system for all Australians.

Key Takeaways

• Electronic payments, including tap-and-go and mobile payments, have become increasingly popular in Australia, leading to a significant decline in cash transactions.
• However, this shift has also raised concerns about the safety and security of electronic payments, particularly in light of the potential for cyber-attacks.
• The Reserve Bank of Australia is working to address these concerns by investing in both the security and affordability of electronic payments, with the goal of creating a more accessible and equitable financial system for all Australians.

As we move towards a cashless society, the importance of safe and affordable electronic payments cannot be overstated. From the convenience of tap-and-go to the potential risks of cyber attacks, there is much to consider when it comes to how we choose to pay for goods and services.

So, what do you think the future of payments looks like? Will we continue to rely on cards and mobile devices, or will new technologies emerge to revolutionise the way we pay?

Also, what does the future hold for cash payments? Will it really be gone for good, or will we always rely on physical currency in some way? Let us know what you think in the comments, members!

 

[Jo Piper3]

Cash is good to put on the collection plates at Mass.

 

[ElizaKaye]

no no no no no no

 

[Judibing]

In a world where convenience is king, it's no surprise that Aussies are ditching cash in favour of quick and easy tap-and-go payments and online transfers.

In fact, cash payments have reportedly plummeted to a mere 13% of all transactions – a trend that shows no signs of slowing down.

But with this shift towards cashless methods comes a new set of challenges – namely, ensuring the safety and security of electronic payments.

At the recent Australian Financial Review Banking Summit, Ellis Connolly, the Head of Payments Policy at the Reserve Bank of Australia, highlighted the need to protect electronic payments against potential cyber threats.

'The dominance of cards and the consumer shift to mobile devices raise some important issues within the RBA's mandate,' he said.

While Connolly emphasised the importance of safety, he failed to address the very real risk of cyber sabotage, leaving many wondering just how secure their electronic payments really are.

View attachment 16994

Cash transactions are declining in Australia, with only 13% of purchases now using banknotes or coins. Credit: Unsplash/Blake Wisz.

As we move towards a cashless society, it's more important than ever to consider the potential risks and take steps to safeguard our financial transactions.

Imagine a world where every EFTPOS terminal in the entire country was suddenly shut down. It may sound like the stuff of nightmares, but according to Cyber Security Expert Ben Britton, it's a very real possibility if a hacker were to exploit a banking computer code.

'If there was a major cyber attack, if there was a vulnerability within that terminal and it was exploited, then they could potentially shut down every terminal in the entire country,' he argued.

In an interview with Daily Mail Australia, Britton warned that everything connected to the internet is vulnerable – including our phones, which many of us use to make purchases and conduct online banking.

Despite the risks, the convenience of card payments has led to a surge in their use, with debit cards now accounting for half of all transactions and credit cards making up a quarter.

It's hard to believe that just over a decade ago, two-thirds of payments in Australia were made in cash. Fast forward to today, and contactless tap-and-go payments and mobile payments have taken over, with younger consumers, in particular, driving this trend.

View attachment 16995

A cybersecurity expert warns of potential risks associated with the growing popularity of mobile payments, as they are more vulnerable to cyber attacks than card transactions. Credit: Unsplash/Blake Wisz.

As we become increasingly reliant on electronic payments, it's crucial to consider the potential consequences of a major cyber attack and take steps to protect ourselves against these threats.

Ensuring the safety and security of electronic payments is just one piece of the puzzle. It's equally important to make sure that these payment methods are accessible and affordable for all.

Currently, the average cost of retail payments is 0.55% of each transaction, which can be a significant burden for small businesses. That's why the Reserve Bank of Australia must continue to work towards making merchant costs more manageable so that debit and credit cards don't come with such a high price tag.

By investing in both the security and affordability of electronic payments, the RBA can help to create a more accessible and equitable financial system for all Australians.

Key Takeaways

• Electronic payments, including tap-and-go and mobile payments, have become increasingly popular in Australia, leading to a significant decline in cash transactions.
• However, this shift has also raised concerns about the safety and security of electronic payments, particularly in light of the potential for cyber-attacks.
• The Reserve Bank of Australia is working to address these concerns by investing in both the security and affordability of electronic payments, with the goal of creating a more accessible and equitable financial system for all Australians.

As we move towards a cashless society, the importance of safe and affordable electronic payments cannot be overstated. From the convenience of tap-and-go to the potential risks of cyber attacks, there is much to consider when it comes to how we choose to pay for goods and services.

So, what do you think the future of payments looks like? Will we continue to rely on cards and mobile devices, or will new technologies emerge to revolutionise the way we pay?

Also, what does the future hold for cash payments? Will it really be gone for good, or will we always rely on physical currency in some way? Let us know what you think in the comments, members!

 

[Wendy]

I went to the post office this morning, there was a very long, slow moving queue. Then they put up a sign saying CASH ONLY NO EFTPOS. No one left the queue, presumably they all had cash for whatever they needed.

 

[Juras]

More

In a world where convenience is king, it's no surprise that Aussies are ditching cash in favour of quick and easy tap-and-go payments and online transfers.

In fact, cash payments have reportedly plummeted to a mere 13% of all transactions – a trend that shows no signs of slowing down.

But with this shift towards cashless methods comes a new set of challenges – namely, ensuring the safety and security of electronic payments.

At the recent Australian Financial Review Banking Summit, Ellis Connolly, the Head of Payments Policy at the Reserve Bank of Australia, highlighted the need to protect electronic payments against potential cyber threats.

'The dominance of cards and the consumer shift to mobile devices raise some important issues within the RBA's mandate,' he said.

While Connolly emphasised the importance of safety, he failed to address the very real risk of cyber sabotage, leaving many wondering just how secure their electronic payments really are.

View attachment 16994

Cash transactions are declining in Australia, with only 13% of purchases now using banknotes or coins. Credit: Unsplash/Blake Wisz.

As we move towards a cashless society, it's more important than ever to consider the potential risks and take steps to safeguard our financial transactions.

Imagine a world where every EFTPOS terminal in the entire country was suddenly shut down. It may sound like the stuff of nightmares, but according to Cyber Security Expert Ben Britton, it's a very real possibility if a hacker were to exploit a banking computer code.

'If there was a major cyber attack, if there was a vulnerability within that terminal and it was exploited, then they could potentially shut down every terminal in the entire country,' he argued.

In an interview with Daily Mail Australia, Britton warned that everything connected to the internet is vulnerable – including our phones, which many of us use to make purchases and conduct online banking.

Despite the risks, the convenience of card payments has led to a surge in their use, with debit cards now accounting for half of all transactions and credit cards making up a quarter.

It's hard to believe that just over a decade ago, two-thirds of payments in Australia were made in cash. Fast forward to today, and contactless tap-and-go payments and mobile payments have taken over, with younger consumers, in particular, driving this trend.

View attachment 16995

A cybersecurity expert warns of potential risks associated with the growing popularity of mobile payments, as they are more vulnerable to cyber attacks than card transactions. Credit: Unsplash/Blake Wisz.

As we become increasingly reliant on electronic payments, it's crucial to consider the potential consequences of a major cyber attack and take steps to protect ourselves against these threats.

Ensuring the safety and security of electronic payments is just one piece of the puzzle. It's equally important to make sure that these payment methods are accessible and affordable for all.

Currently, the average cost of retail payments is 0.55% of each transaction, which can be a significant burden for small businesses. That's why the Reserve Bank of Australia must continue to work towards making merchant costs more manageable so that debit and credit cards don't come with such a high price tag.

By investing in both the security and affordability of electronic payments, the RBA can help to create a more accessible and equitable financial system for all Australians.

Key Takeaways

• Electronic payments, including tap-and-go and mobile payments, have become increasingly popular in Australia, leading to a significant decline in cash transactions.
• However, this shift has also raised concerns about the safety and security of electronic payments, particularly in light of the potential for cyber-attacks.
• The Reserve Bank of Australia is working to address these concerns by investing in both the security and affordability of electronic payments, with the goal of creating a more accessible and equitable financial system for all Australians.

As we move towards a cashless society, the importance of safe and affordable electronic payments cannot be overstated. From the convenience of tap-and-go to the potential risks of cyber attacks, there is much to consider when it comes to how we choose to pay for goods and services.

So, what do you think the future of payments looks like? Will we continue to rely on cards and mobile devices, or will new technologies emerge to revolutionise the way we pay?

Also, what does the future hold for cash payments? Will it really be gone for good, or will we always rely on physical currency in some way? Let us know what you think in the comments, members!

scammers free rein.
Cannot control them now

 

[Juras]

Cannot control scammers now.
Let's give them free rein.
No from me

 

[Judibing]

I pay cash for just about everything. That way I know just how much money I have left until the next pension day. The risk over overspending when using a card is far too high. Each ”pay day” I divide a certain amount into 3 purses. One for groceries, one for petrol and one for the Chemist. When each is empty, that’s it until next “pay day”.

 

[Marj53]

No don't take away our cash. I save my coins that I get for grandchildren. TThen as other people have said what would happen if all the electronic devices fail where would we be then !!

 

[Happymad]

No just been to bank for the second time today as the queue was too long this morning
Checked my pass book three transactions have not come back to me so now I have to chase them up no give me cash always or a cheque book

 

[Cruzzer9]

So what happens when there is a black out, or the machine is down?

as this has happened in the past.

Or worse you get hacked & have zero money in your account?

I would rather prefer cash, I reckon this is a Government/ATO thing so as to track your spending etc.

Not Happy Jan.