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!

 

[Wendy]

We recently went on holiday to New Zealand and put money on a travel card to use there. We had extra on in case of emergency (like we had last year). When we came back my husband tried to transfer the excess back into our account on line, it wouldn't let him. He went to the bank and they said yes they could do it, but not all of it in one day, he would have to do the rest the next day. He said ok go ahead and do that, Oh no said the teller, you have to go outside to the machine and draw out the cash, then bring it back to him and he'd put it into our account !!!!!! and do the same the next day. !!!! so much for electronic banking.

 

[Sheenagh]

There is no way we are ready for cashless anything. Check out how many trolleys laden with groceries are left at the registers because the system has gone down and those customers dont have cash to pay for their groceries. The safety of data and collection thereof is next to useless and the sharing of our data and information is disgusting. The bigger the organisation, the bigger the problems and that includes keeping us safe. No one in this country has the technology at this point. I work in retail and systems go down all the time.
And while I'm at it, the banks that are closing their branches and pushing elderly and vulnerable people out onto the streets to use ATM's are a bigger disgrace. The ANZ bank rate as the number one disgrace - closing branches but resisting the use of the Australia Post offer to assist their customers. The reason the ANZ bank wont join the other banks in providing support and assistance to their customers through Australia Post outlets is because the ANZ bank dont make enough money to participate - pull the other one!!

 

[Sloopy]

One of the things I really disliked during the worst of Covid was how many businesses refused to take cash. Fortunately most seem to have gone back to 'normal' trading conditions now. I withdraw cash once a week and that way I know what I am spending, although I do make 5 transactions each month on my card as this gets me a 1% bonus interest on my savings account (every little bit helps).

$50 in cash stays $50 as it goes around, but $50 spent via card gets whittled down each step of the the way by bank charges!

 

[Jelp26]

Keep cash. If you only use a card large corporations know exactly how much you spend and where

 

[acpirie2]

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! Cash is legal tender and should not be removed. Digital money is worthless and subject to fraud,power outages and cyber crime. Cash is King!

 

[Grumpypa]

As time goes on there are many outcomes of Covid that seems far too convenient, it seems likely that the whole Covid episode was engineered not an accident. The demise of cash is just one of many challenges we will see in the post Covid era.

The very simple extension of this is that every human will be implanted with a data chip, that will hold your personal data and financial details. That the checkout they will scan your goods and reach over and scan your head to pay, in pretty much the same way as the vet scans your dog.

I can assure you that our current government would be over joyed to implement such a scheme post haste.

 

[Eveanngra37@gmail]

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!

 

[Eveanngra37@gmail]

Never. Always Cash. Will not do on line banking. Despite all the so called Security it appears that every day people are scammed when using cards. Admittedly cards have their use, but Cash is King!

 

[Ma-to-3]

The grandkids get sooooo excited when they are given money …. Without cash how do they really learn the value of money. I remember my son as a 3 year old in 1988 walking past a house for sale with me and asking if we could buy it because he liked it. I said we didn’t have enough money and quick as a flash he said “just put it on Bankcard mum”. I knew then I had some work to do to teach him about $$. I must have done a good job as he bought his first property at the age of 21

 

[Gregmc62]

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!

 

[Tiaura]

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 only use cash when I have to shop locally (most local retailers are of oriental origins and only deal in cash). I actually can’t wait until we remove cash from our lives … for good. I find it messy and a right pain to use. Give me electronic payments any day … but reduce or remove the cost factor charged by banks to retailers.

 

[Bullwinkle]

A BIG NO from me….there are still many places that cannot afford to have EFTPOS, especially when out in far away places. Only this morning I had to re drive fifty kilometers to pay for items with cash…when all I took with me was my phone, which has everything I need on it!!
I still like to have some cash in my purse, just in case

 

[Verdexon]

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!

Give cash away.......... at your peril..........NONONONO....same for the ''voice'' NONONONO

 

[Reaper123]

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.

If there's a black out the super markets close anyway.

 

[Cattersfan]

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!

We were traveling from Mackay Qld to Townsville last week & stopped at a long-standing Puma petrol station

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!

Traveling from Mackay NQld to Townsville last week, we stopped at the United petrol station at Giru

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!

Travelling from Mackay NQld to Townsville last week, we stopped at the United petrol station at Giru, 80-odd k's south of our destination. Along with several other customers, including a semi filling with diesel, we were caught short by a power outage which in turn, stopped the bowsers from pumping. Once inside the store, the commotion began, when those who were sans cash (including the semi driver with his $340 worth of diesel) found the ATM was of course also down and they would have to settle in for a lengthy delay while an electrician could be sourced & dispatched. Three customers, ourselves included had cash, and we were able to pay the proprietor who sourced change from his office, and be in our way. We have no clue how long the others had to wait, without air con or cold drinks. This is just one example of cash reigning supreme over electronic payments.
There are two young girls in our little seaside location who sell lemons and lemonade out the front of their home in the summer, to raise funds for the local animal shelter. It'll be a sad day when they are told that their good heartedness and community spirit isn't able to proceed unless they get themselves a Tyro machine!
There will always be a need for cash.
The bean-counters just don't like not being able to control & tax every cent, is all.

 

[Staffordshire Whippet]

Try paying for petrol in the outback, otherwise paying for a tow-truck to haul your lovely new EV to a township with a charging point with a credit card, or an electronic funds transfer when there is no signal.....
Naaaaah. Retain cash; it can save you a whole lot of grief.

 

[Chezz 5]

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 like cash and am horrified that banks are not threatening not to carry cash.

 

[Springlover05]

Some elderly or disabled people may prefer to pay with cash, or like me when I got scammed and had the bank cancelled my card I needed to go to the bank to get cash out to pay bills, buy food etc. You need cash to.purchase items at some market stalls, items off facebook marketplace. Banks stopping cash I feel is do they can reduce staff in branches.

 

[LadyMoonlight]

Cash, always and forever. No one can hack cash, rob yes, hack no. I will always use cash for as long as it is possible.

 

[Annie M]

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!