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!

 

[Ricci]

I have had the same $50 and $20 notes and $4.85 in coin in my wallet for nearly 10 years now. That's how long ago I dealt with cash. I found that using cash the money just dribbled out but by using a card you think of every purchase and it gives you that pause to consider if it's something you really need. I find using a card gives me far more discipline with money and if you have trouble keeping tabs on your spending just have a smaller limit on your card.
I have one card with a limit available per month just shy of my monthly income, that way I can leave my money in the bank to earn interest whilst still spending and then pay it off in one transfer from the bank.

 

[Emma Chisit.]

I don't like the idea of my spending being subject to scrutiny. They will be able to track how much you spend and what you buy, plus the inconvenience of the system crashing (it's happened a few times).

 

[Rick]

I l

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 to pay cash as it makes me aware of how much have to spend once it is gone t os gone.

 

[Aash]

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 surcharges for using paying by card?

 

[JustPat]

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.

Post office will only do cash or debit cards (eftposs) but not credit cards (we do most transactions by credit card which I pay of once a month). Must admit since covid our cash transactions have become few and well I must also admit I think I may prefer to get back to cash and then know better where things stand better financially.

 

[Bernice S]

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!

There will always be a need for cash. It would be a big mistake to make us a cash less society.

 

[Terrytooth]

So you pay .55% per transaction. So after 50 transactions your $50 is now around $42. Who has the $8? THE BANKS. After 30 transactions with a $50 note someone still has the $50.......not the banks....

 

[Bargain Hunter]

Living in a small country town I need cash to buy at local markets, raffle tickets, garage sales and to give small amounts to charity money collection boxes. And what about the tooth fairy????

 

[elaine41]

No no no no & no again!! Cash is essential. I use my cashcard for groceries & planned purchases but for everything else it is cash for me. This way I can keep track of my spending each fortnight so that I know I have not overspent & cannot afford to pay my other bills. Imagine having the phone cut off because there was no money in the account to pay for it!! Horror! Or the electricity being cut off in the middle of a heat wave or the middle of winter so you can't control your environment or cook a warm meal in winter. It doesn't bear thinking about.

 

[Shane/#]

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!

Cashless society just lazy people that can't count or do mathematics electronic debt yeh what do you do when the power goes out WiFi crashes $100 in the hand is $100 electronic transfer fees added every time the transfer happens its devalued plus if there ever a crisis the government or bank can stop transfers happening and freeze your money hacker's, bank's going broke better off with a lumpy mattress than a Cashless society its a necessity to have cash

 

[Jumping Jack Flash]

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

Great idea! .....my mother in law does the same thing with her utility bills; always a certain amount in each envelope every pension day. As a result, she is in credit.

 

[Ju6l0ie]

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 haven't used cash for a few years now so I won't worry me in the slightest

 

[Lynmaclean]

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!

 

[Catherines]

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!

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

Absolutely agree they have no idea how much they have as they seem to rely on cards and the internet without knowing exactly what they are doing. I would not like to see cash disappear altogether - the elderly, who have no computer knowledge having worked in a computerless World many years ago, are so lost without cash and cheque books and it upsets them. I, fortunately, have been through both worlds, can use a computer and cards for financial transactions but prefer to have some cash for those small payments as there are still vendors who won’t let you use a card for payments under $5.

 

[Trudi]

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

You sound like my mother.
She was born in 1914

 

[Trudi]

My partner withdraws cash each week from his account and pays for minor expenses such as a beer at the club on Friday night.

I stopped withdrawing cash during the pandemic because the last $100 I withdrew stayed in my purse for more than 6 months. I now tap for even tiny amounts and I have a choice of either two credit cards (most transactions) and one debit card (mainly ALDI to avoid the credit card fee). Both cards are paid in full each month on the due date.

If I want to see what is in my bank accounts or credit cards, it takes just a few minutes to open my bank account details on my smartphone.

I also rarely take a receipt since all transactions appear immediately on my bank account, unless the receipt is in connection with my investments and I need it for taxation.

I have several accounts to manage my finances, there is the regular account into which my super is being paid into, then my budget account that covers expenses related to my home (insurance, rates, water, power, gas, phone, internet), car (registration, insurance, repairs, NRMA membership), and annual expenses such as professional membership fees as well as birthdays and Christmas presents. I transfer $510 into this account each fortnight.

Food, fuel and incidentials come out of my regular account. After transferring $510 into the budget account, I have $550/fn left in this account.

Then there is my travel account, share dividends (approx $1,500 p/a) and any miscellaneous receipt go into that account and I draw down on it to cover trips only.

 

[Lizzylou]

I use cash when I can, I will use card for my grocery shopping and take cash out to use for the rest of the week. I refuse to pay with card when there is a surcharge on what you are buying. It is scamming more money out of people.

 

[mylittletibbies]

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

So true, I have only recently gone back to drawing cash for my fortnightly shop and find that I spend a lot less than when I use the card, it's so easy to tap and go, but your money goes too.

 

[Monty 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!

Cash should always be available for transactions. Can you imagine how many fees we will be charged for every small transaction...and there are many that are necessary. If you forget something for a recipe e.g. an avocado, as was required last night, there is no way a retailer or bank is going to wear the cost of that small purchase by Eftpos.
The other much bigger issue is that a cashless society makes us all vulnerable to fraud and even having our accounts frozen if the government or other body wants us to comply with a new law or policy. Effectively, we hand the control over our life to an entity by going cashless. There is no way I want to be at the mercy of any organisation or the government.

 

[Cattersfan]

Received this today... How apt...