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!

 

[Jakepuss]

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!

Especially now, cash is definitely going to be KING.
At least the commies won't know who has; or hasn't got money. Fraser was right when he said " keep it under the mattress".

 

[Jill57]

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.

Yes I like cards for big purchases and for food in large supermarkets so that you know where your money is going but if I am told there is a fee for using it I will happily use cash. also if buying something under $10 I pay cash

 

[John Kinsey]

Keep cash you know what you have or haven't got.

 

[Gsr]

While I have started to use my Visa card more for groceries, petrol, etc. I still like to have some cash in my purse for things like a loaf of bread, a drink, or other small purchases. I don’t really like using my card for purchases under $50. A lot of older people only use cash. I’ve heard some banks are doing away with cheque books, why? A lot of country people still use cheque’s to pay their bills, especially the older folk. I work in retail and there has been an increase in the number of people paying cash for their purchases in the last twelve months. It will be a long time before cash will be a thing of the past.

 

[Annie M]

We should just remember the fairly recent fires And those fleeing their homes in Nsw and trying to buy petrol at service stations only those with cash could do that ,to add to their distress.I almost always pay cash for what I buy whether from a supermarket or my lawn mower or if I buy from a farmers market.I dont care for governments,banks or others who decide these things without consulting what people really want,bullying really .How can you pay a homeless person asking for a little handout to exist or someone busking on the street ,a charity raffle or a cute kid getting abit of cash earning it playing music learning to manage their money etc etc if you cant have cash.I have always drawn out cash to last m y week or fortnight ,its too easy to just keep using a card and then trying to keep track of it .life on a pension isnt easy but can manage if careful and careful isnt using a card!!

 

[maree12]

I was a worker during the cash economy, and with 2 part time cash jobs,I found it easy to pay off 2 properties, and buy bank shares. If I had no money in my wallet I could not buy that lovely dress, and had to eat what I had at home instead of buying something else at the supermarket whilst I was out. It is far easier to notice that your money is being spent if you hand over cash, and you see that there is less and less in your wallet, than if you just hand over a plastic card, and the same at the next business. unfortunately becoming unemployed with myCentrelink benefits and dividends

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.

Amazing, I thought you were going to say the entire queue disappeared

 

[piggyp]

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!

 

[classicred]

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!

What about the wood raffles, club raffles, pocket money for kids....and far greater risk of cyber crime! A whole country can be shut down by simply hijacking the ATMs.

 

[classicred]

I was a worker during the cash economy, and with 2 part time cash jobs,I found it easy to pay off 2 properties, and buy bank shares. If I had no money in my wallet I could not buy that lovely dress, and had to eat what I had at home instead of buying something else at the supermarket whilst I was out. It is far easier to notice that your money is being spent if you hand over cash, and you see that there is less and less in your wallet, than if you just hand over a plastic card, and the same at the next business. unfortunately becoming unemployed with myCentrelink benefits and dividends

Amazing, I thought you were going to say the entire queue disappeared

Who wants to buy a stamp or two with a credit card?

 

[maree12]

We should just remember the fairly recent fires And those fleeing their homes in Nsw and trying to buy petrol at service stations only those with cash could do that ,to add to their distress.I almost always pay cash for what I buy whether from a supermarket or my lawn mower or if I buy from a farmers market.I dont care for governments,banks or others who decide these things without consulting what people really want,bullying really .How can you pay a homeless person asking for a little handout to exist or someone busking on the street ,a charity raffle or a cute kid getting abit of cash earning it playing music learning to manage their money etc etc if you cant have cash.I have always drawn out cash to last m y week or fortnight ,its too easy to just keep using a card and then trying to keep track of it .life on a pension isnt easy but can manage if careful and careful isnt using a card!!

Unfortunately with almost everyone receiving their income by bank transfer, it is inconvenient to pay by cash. When wages were paid in cash we had a handful of cash, and if we wanted it in the bank, we had to go to the bank and deposit it. Now the option is to have to go to the bank or ATM and make a withdrawal, which, as has often been shown on the nightly NEWS is an experience fraught with danger, who knows who might follow you back home or to your car, intending to assault you for your wallet, when no one else is around. I certainly agree with you, Annie, philanthropic gestures would certainly have reduced with less cash in our pockets. But, I guess banks will generously put card machines in or near homeless shelters, if people like yourself make enough noise.

 

[maree12]

Who wants to buy a stamp or two with a credit card?

I remember years ago when I was still employed and picking up at least $100 cash a week, I was in the supermarket at the self serve area, and saw a young man paying for something costing $2.65 with a card. I was astounded, surely he had that much cash in his pocket. Now unemployed and on Centrelink benefits, I am sometimes disgusted that I might have to pay for my groceries costing a total of $8.25 with a card, not cash

 

[piggyp]

Cash means freedom to buy what and where electronic means compliance to the card supplier do as you are told or card switched off complete WEF UN control as per social credit.Too many wesites hacked and accounts drained,Recently my son was hacked 2 smart phones purchased from Telstra using his account details stopped because he reported to Police before it happened .Telstra out of pocket 2 K.Bunnings sunday Commonwealth system down CASH only happening more frequently.My nieghbour does not have internet and uses cash or cheque.ANZ cutting back on cash.

 

[Macarj]

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.

I also use cash at times

 

[Nandy]

I have started to use cash as I’ve been hacked twice and did not get my money back. Also if there is a black out how will you use your card? Not everyone uses a card. I’ve younger friends who prefer to use cash and not their card.

 

[Shells]

Absolutely not. We oldies have been targeted by scams and this way we are opening the door for scammers. They walk past you in the street and they have devices that can read your cards in your purse, but cash they can't, as it is everyone is paying more to use their cards...for me it is like highway robbery...I say we need to have cash especially for pensioners.

 

[OldBill42]

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!

While understanding the convenience of debit and credit cards, I believe a lot of people have lost sight of the fact that some local retailers, for instance newsagencies, who market fixed price products, are penalised with a transaction fee when a card is used to purchase a product from their shop. In a lot of cases where products have a fixed price I reckon CASH IS KING

 

[Gracie372]

There are a few places where they have gone cashless. Then one day the EFTPOS system went down for the whole day and they had to go cash only. I always carry cash. I prefer to use cash unless I am making a large payment.

 

[Sej]

Keep cash, please. Most definitely. For one thing an older generation which did not use computers or mobile phones, and did not have the internet has not died out yet. Secondly, cash is needed for personal debts and transactions. Thirdly, I have hardly ever been robbed of cash, and If I am, I know how much I have lost. With cards, I feel less in control. They obviously are immensely useful for retail and long-distance transactions. But I have been scammed, on one occasion from two accounts at two banks in the same weekend -- and still no-one has any idea how it could have happened.

 

[Luckyus]

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 am always in favour paying cash, unless it's for big ticket items in which case I'll put down a deposit and then get the required amount of cash. However I have no objection of using their money in an interest free scenario. As I'll always has the money on hand to finalise the spend, plus I don't mind the few dollars a month to do the paperwork, this way I'm using their money and not tying up mine, and if anything happens to me then I have no estate other than the pension I should at this point in time point out in time that if I can't get interest free on my own recognizance then I'm not interested?

 

[Cool Lynda]

No wa

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.

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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.

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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!! We are moving into a big brother controlled system, a step at a time. Purely electronic money transactions will put us in dire danger of further control.