The way Aussies pay for things is changing, and it's time to say goodbye to one that has been around for many years: cheque payments.

The Albanese government has announced draft legislation to regulate digital payment methods like Apple Pay and Google Pay in the same way as cards. They're also taking steps to phase out cheques entirely within the next few years.

The draft legislation would allow the Reserve Bank to control new and emerging digital payment services to protect consumers and promote competition.

For many, this may seem concerning. But Treasurer Jim Chalmers has reassured that digital payments are safer, more convenient and will benefit all Australians in the long run.

'As payments increasingly become digital, our payments system needs to remain fit for purpose so that it delivers for consumers and small businesses,' he said.

'We want to make sure the shift to digital payments occurs in a way that promotes greater competition, innovation and productivity across our entire economy.'

The Federal Government is moving to regulate digital wallets. Credit: Unsplash.

Cheque usage has been declining steadily. According to government data, in the June quarter of 2023, 35 per cent of all card transactions were carried out using digital wallets—a significant increase from the 10 per cent recorded in early 2020.

Moreover, Reserve Bank of Australia (RBA) data indicates that nearly two-thirds of younger Australians—aged 18 to 29—make mobile payments. This marks a substantial rise from the less than 20 per cent recorded in 2019.

Mobile payments are on the rise even among older Aussies, those aged 65 and over. Approximately nine per cent of the age group regularly use mobile payment methods, three times the proportion seen in 2019.

The public consultation for proposed changes to the Payment Systems (Regulation) Act of 1998 began on Tuesday, October 10. This update aims to modernise the definitions of 'payment' and 'payment systems' to encompass new payment methods widely used now and in the future.

In June, Dr Chalmers mentioned that cheque payments will be gradually phased out by 2028. A goal has been set to end the use of cheques completely in 2030.

He explained that at present, nearly all retail and personal cheque transactions (98 per cent) can be efficiently handled through Internet or mobile banking, and this also applies to all cheques used in institutional and commercial settings (100 per cent).

Dr Chalmers emphasised that retaining cheques within the payment system has become increasingly expensive to manage a declining portion of transactions.

This news follows a growing trend among retailers and financial institutions to embrace cashless transactions.

Recently, we shared information about a major bank's decision to shift towards digital-only payment systems. This change will involve discontinuing cash, check, and phone payments for their customers.

For more information on this story, read the full article here.

Key Takeaways

• The Albanese government plans to regulate digital payment wallets like Google Pay and Apple Pay similarly to other payment systems.
• The draft legislation would allow the Reserve Bank to control new and emerging digital payment services, purportedly to protect consumers and promote competition.
• Public consultation for amendments to the Payment Systems (Regulation) Act 1998 opened on October 10, aiming to update the definition of 'payment' and 'payments systems' to include a broader range of current and future payment methods.
• As part of these legislative changes, the government plans to wind down cheque payments by 2028, with requirements for their use removed by 2030, reflecting a move towards digital payment methods.

What are your thoughts on this news, members? Do you regularly use cheque payments? If so, do you agree that replacing them with digital methods is better? Share your thoughts on Australia's move to 'cashless' transactions in the comments below!

 

[piggyp]

When will Governments and Businesses Banks wake up not every one has a so called DUMB phone and let people learn how us older people did things without them.Many times I have been into a shop purched items added up the cost handed the cashier the money but still get incorrect change.Went to my Credit Union to deposit a BANK CHQUE and utterly confused cashier did not know what it was.My nieghbour 90 pays most of his bills by cheque and is now forced to pay by cash or credit card NO SMART PHONE . Another FREEDOM going so the sooner us seniors die and let the sheep find out too late.

 

[NotNats]

The way Aussies pay for things is changing, and it's time to say goodbye to one that has been around for many years: cheque payments.

The Albanese government has announced draft legislation to regulate digital payment methods like Apple Pay and Google Pay in the same way as cards. They're also taking steps to phase out cheques entirely within the next few years.

The draft legislation would allow the Reserve Bank to control new and emerging digital payment services to protect consumers and promote competition.

For many, this may seem concerning. But Treasurer Jim Chalmers has reassured that digital payments are safer, more convenient and will benefit all Australians in the long run.

'As payments increasingly become digital, our payments system needs to remain fit for purpose so that it delivers for consumers and small businesses,' he said.

'We want to make sure the shift to digital payments occurs in a way that promotes greater competition, innovation and productivity across our entire economy.'

View attachment 31910

The Federal Government is moving to regulate digital wallets. Credit: Unsplash.

Cheque usage has been declining steadily. According to government data, in the June quarter of 2023, 35 per cent of all card transactions were carried out using digital wallets—a significant increase from the 10 per cent recorded in early 2020.

Moreover, Reserve Bank of Australia (RBA) data indicates that nearly two-thirds of younger Australians—aged 18 to 29—make mobile payments. This marks a substantial rise from the less than 20 per cent recorded in 2019.

Mobile payments are on the rise even among older Aussies, those aged 65 and over. Approximately nine per cent of the age group regularly use mobile payment methods, three times the proportion seen in 2019.

The public consultation for proposed changes to the Payment Systems (Regulation) Act of 1998 began on Tuesday, October 10. This update aims to modernise the definitions of 'payment' and 'payment systems' to encompass new payment methods widely used now and in the future.

In June, Dr Chalmers mentioned that cheque payments will be gradually phased out by 2028. A goal has been set to end the use of cheques completely in 2030.

He explained that at present, nearly all retail and personal cheque transactions (98 per cent) can be efficiently handled through Internet or mobile banking, and this also applies to all cheques used in institutional and commercial settings (100 per cent).

Dr Chalmers emphasised that retaining cheques within the payment system has become increasingly expensive to manage a declining portion of transactions.

This news follows a growing trend among retailers and financial institutions to embrace cashless transactions.

Recently, we shared information about a major bank's decision to shift towards digital-only payment systems. This change will involve discontinuing cash, check, and phone payments for their customers.

For more information on this story, read the full article here.

Key Takeaways

• The Albanese government plans to regulate digital payment wallets like Google Pay and Apple Pay similarly to other payment systems.
• The draft legislation would allow the Reserve Bank to control new and emerging digital payment services, purportedly to protect consumers and promote competition.
• Public consultation for amendments to the Payment Systems (Regulation) Act 1998 opened on October 10, aiming to update the definition of 'payment' and 'payments systems' to include a broader range of current and future payment methods.
• As part of these legislative changes, the government plans to wind down cheque payments by 2028, with requirements for their use removed by 2030, reflecting a move towards digital payment methods.

What are your thoughts on this news, members? Do you regularly use cheque payments? If so, do you agree that replacing them with digital methods is better? Share your thoughts on Australia's move to 'cashless' transactions in the comments below!

I don't know where I've been hiding but I thought BANKS stopped using cheque books/payments over 20 years ago. I know I haven't written or owned a cheque book in over 20yrs+, but I will admit I have received cheques from the RMS and other government places.

 

[Mrtnst]

The thing about freedom is that it is very fragile.

Cheques might not be something that you use, but it is still a freedom that others have and do use.

Once you allow the government to take one freedom away, they get a taste for it.

Pretty soon you find yourself losing more and more, until you don't have any freedoms left.

Also remember that all digital payment systems can be turned off remotely.

If you don't have a non-digital alternative, you can find yourself without the ability to feed yourself or your family.

Which is what happened to the farmers in Canada who defied the government during Covid.

 

[keithnandkris]

The way Aussies pay for things is changing, and it's time to say goodbye to one that has been around for many years: cheque payments.

The Albanese government has announced draft legislation to regulate digital payment methods like Apple Pay and Google Pay in the same way as cards. They're also taking steps to phase out cheques entirely within the next few years.

The draft legislation would allow the Reserve Bank to control new and emerging digital payment services to protect consumers and promote competition.

For many, this may seem concerning. But Treasurer Jim Chalmers has reassured that digital payments are safer, more convenient and will benefit all Australians in the long run.

'As payments increasingly become digital, our payments system needs to remain fit for purpose so that it delivers for consumers and small businesses,' he said.

'We want to make sure the shift to digital payments occurs in a way that promotes greater competition, innovation and productivity across our entire economy.'

View attachment 31910

The Federal Government is moving to regulate digital wallets. Credit: Unsplash.

Cheque usage has been declining steadily. According to government data, in the June quarter of 2023, 35 per cent of all card transactions were carried out using digital wallets—a significant increase from the 10 per cent recorded in early 2020.

Moreover, Reserve Bank of Australia (RBA) data indicates that nearly two-thirds of younger Australians—aged 18 to 29—make mobile payments. This marks a substantial rise from the less than 20 per cent recorded in 2019.

Mobile payments are on the rise even among older Aussies, those aged 65 and over. Approximately nine per cent of the age group regularly use mobile payment methods, three times the proportion seen in 2019.

The public consultation for proposed changes to the Payment Systems (Regulation) Act of 1998 began on Tuesday, October 10. This update aims to modernise the definitions of 'payment' and 'payment systems' to encompass new payment methods widely used now and in the future.

In June, Dr Chalmers mentioned that cheque payments will be gradually phased out by 2028. A goal has been set to end the use of cheques completely in 2030.

He explained that at present, nearly all retail and personal cheque transactions (98 per cent) can be efficiently handled through Internet or mobile banking, and this also applies to all cheques used in institutional and commercial settings (100 per cent).

Dr Chalmers emphasised that retaining cheques within the payment system has become increasingly expensive to manage a declining portion of transactions.

This news follows a growing trend among retailers and financial institutions to embrace cashless transactions.

Recently, we shared information about a major bank's decision to shift towards digital-only payment systems. This change will involve discontinuing cash, check, and phone payments for their customers.

For more information on this story, read the full article here.

Key Takeaways

• The Albanese government plans to regulate digital payment wallets like Google Pay and Apple Pay similarly to other payment systems.
• The draft legislation would allow the Reserve Bank to control new and emerging digital payment services, purportedly to protect consumers and promote competition.
• Public consultation for amendments to the Payment Systems (Regulation) Act 1998 opened on October 10, aiming to update the definition of 'payment' and 'payments systems' to include a broader range of current and future payment methods.
• As part of these legislative changes, the government plans to wind down cheque payments by 2028, with requirements for their use removed by 2030, reflecting a move towards digital payment methods.

What are your thoughts on this news, members? Do you regularly use cheque payments? If so, do you agree that replacing them with digital methods is better? Share your thoughts on Australia's move to 'cashless' transactions in the comments below!

It seems to me that the government should not be involved. Business have the right and ability to no longer accept cheques if they are too expensive to administer

 

[Aussiecris]

The thing about freedom is that it is very fragile.

Cheques might not be something that you use, but it is still a freedom that others have and do use.

Once you allow the government to take one freedom away, they get a taste for it.

Pretty soon you find yourself losing more and more, until you don't have any freedoms left.

Also remember that all digital payment systems can be turned off remotely.

If you don't have a non-digital alternative, you can find yourself without the ability to feed yourself or your family.

Which is what happened to the farmers in Canada who defied the government during Covid.

I have just tried to google up, with no success, about Canadian farmers defying the government during covid and being shut out digitally, can you share a link please. I would be interested in reading

 

[Benny's Light]

I like to have choice. I still have a cheque book which I use now and then for a few bills which I post. I do not use it that often any more but it is nice to have. I have had a cheque book for my entire adult life and at one time it is how I paid my bills and large purchases. When I purchased a new car always went with a bank cheque and felt safe in the exchange. My bank is ending the use of cheques as of the end of this month. Each time I do on-line transactions I get nervous that I may put in the wrong number or being scammed somehow, or the online my be compromised somehow, didn't feel that way when using paper and cheques. It is sad to see the rapid progress and change and loosing so many familiar things and having to try new ways. Even though I am quite good digitally, I worry using it especially when you hear of so many scams, but it is the way of the new world. Would love to go back to simpler times.

 

[desmond atkins]

more digital use by older ones / scammers will rubbing there hands together. banks and gov dont give a crap and say your PROBLEM

 

[June E]

If the Gov wants us all to go digital then first thing they should do is make it safe ! We have all read lately that banks are not helping people that have been scammed. So why would we want to change the way we do things !

 

[Ronloby]

I do believe CASH is still LEGAL TENDER in Australia. If so then cash must be excepted as payment for a purchase. Until the Government withdraws cash as legal tender nothing changes. It is the Government that decides NOT the banks.

 

[Baz1960]

The way Aussies pay for things is changing, and it's time to say goodbye to one that has been around for many years: cheque payments.

The Albanese government has announced draft legislation to regulate digital payment methods like Apple Pay and Google Pay in the same way as cards. They're also taking steps to phase out cheques entirely within the next few years.

The draft legislation would allow the Reserve Bank to control new and emerging digital payment services to protect consumers and promote competition.

For many, this may seem concerning. But Treasurer Jim Chalmers has reassured that digital payments are safer, more convenient and will benefit all Australians in the long run.

'As payments increasingly become digital, our payments system needs to remain fit for purpose so that it delivers for consumers and small businesses,' he said.

'We want to make sure the shift to digital payments occurs in a way that promotes greater competition, innovation and productivity across our entire economy.'

View attachment 31910

The Federal Government is moving to regulate digital wallets. Credit: Unsplash.

Cheque usage has been declining steadily. According to government data, in the June quarter of 2023, 35 per cent of all card transactions were carried out using digital wallets—a significant increase from the 10 per cent recorded in early 2020.

Moreover, Reserve Bank of Australia (RBA) data indicates that nearly two-thirds of younger Australians—aged 18 to 29—make mobile payments. This marks a substantial rise from the less than 20 per cent recorded in 2019.

Mobile payments are on the rise even among older Aussies, those aged 65 and over. Approximately nine per cent of the age group regularly use mobile payment methods, three times the proportion seen in 2019.

The public consultation for proposed changes to the Payment Systems (Regulation) Act of 1998 began on Tuesday, October 10. This update aims to modernise the definitions of 'payment' and 'payment systems' to encompass new payment methods widely used now and in the future.

In June, Dr Chalmers mentioned that cheque payments will be gradually phased out by 2028. A goal has been set to end the use of cheques completely in 2030.

He explained that at present, nearly all retail and personal cheque transactions (98 per cent) can be efficiently handled through Internet or mobile banking, and this also applies to all cheques used in institutional and commercial settings (100 per cent).

Dr Chalmers emphasised that retaining cheques within the payment system has become increasingly expensive to manage a declining portion of transactions.

This news follows a growing trend among retailers and financial institutions to embrace cashless transactions.

Recently, we shared information about a major bank's decision to shift towards digital-only payment systems. This change will involve discontinuing cash, check, and phone payments for their customers.

For more information on this story, read the full article here.

Key Takeaways

• The Albanese government plans to regulate digital payment wallets like Google Pay and Apple Pay similarly to other payment systems.
• The draft legislation would allow the Reserve Bank to control new and emerging digital payment services, purportedly to protect consumers and promote competition.
• Public consultation for amendments to the Payment Systems (Regulation) Act 1998 opened on October 10, aiming to update the definition of 'payment' and 'payments systems' to include a broader range of current and future payment methods.
• As part of these legislative changes, the government plans to wind down cheque payments by 2028, with requirements for their use removed by 2030, reflecting a move towards digital payment methods.

What are your thoughts on this news, members? Do you regularly use cheque payments? If so, do you agree that replacing them with digital methods is better? Share your thoughts on Australia's move to 'cashless' transactions in the comments below!

Slowly and not so secretly disabling our money control. . The government is bowing to overseas Tech giants and they can't even get them to pay appropriate taxes. . I'm in my 60's and this year's political decisions have made me the most anxious and scared I've been in my lifetime for Australia's security and well being.

 

[Sherza]

The thing about freedom is that it is very fragile.

Cheques might not be something that you use, but it is still a freedom that others have and do use.

Once you allow the government to take one freedom away, they get a taste for it.

Pretty soon you find yourself losing more and more, until you don't have any freedoms left.

Also remember that all digital payment systems can be turned off remotely.

If you don't have a non-digital alternative, you can find yourself without the ability to feed yourself or your family.

Which is what happened to the farmers in Canada who defied the government during Covid.

Absolutely, and once they have total control of our money, which is exactly what is going to happen, they then have total control of us.
I know many are going to scoff when I say that, but they also scoffed at a lot of other things us so called conspiracy theorists said, that have now been proven to be true. Scoff all you want, but don’t say later you weren’t warned

 

[Liz]

I was only told recently by my bank that my cheque book would no longer be viable tender.

 

[Baz1960]

I do believe CASH is still LEGAL TENDER in Australia. If so then cash must be excepted as payment for a purchase. Until the Government withdraws cash as legal tender nothing changes. It is the Government that decides NOT the banks.

True. But if they advise you they do not accept cash before sale. That is perfectly legal. Very scary times ahead indeed.

 

[Mrtnst]

I have just tried to google up, with no success, about Canadian farmers defying the government during covid and being shut out digitally, can you share a link please. I would be interested in reading

The only link still active is this one.

‘He’s digging his political grave’: Trudeau heckled over his treatment of Freedom Convoy truckers

Canadian Prime Minister Justin Trudeau has been heckled by conservative members of parliament while trying to defend his decision to enact the Emergencies Act. The Emergencies Act was passed in 1988 and has never been used until Mr Trudeau announced he will invoke the powers contained within...

www.skynews.com.au

But it refers to Trudeau freezing the truckers bank accounts in 2022, rather than the earlier issues with farmers.

It also doesn't discuss his seizure of go-fund-me donations.

 

[Pburnie]

The way Aussies pay for things is changing, and it's time to say goodbye to one that has been around for many years: cheque payments.

The Albanese government has announced draft legislation to regulate digital payment methods like Apple Pay and Google Pay in the same way as cards. They're also taking steps to phase out cheques entirely within the next few years.

The draft legislation would allow the Reserve Bank to control new and emerging digital payment services to protect consumers and promote competition.

For many, this may seem concerning. But Treasurer Jim Chalmers has reassured that digital payments are safer, more convenient and will benefit all Australians in the long run.

'As payments increasingly become digital, our payments system needs to remain fit for purpose so that it delivers for consumers and small businesses,' he said.

'We want to make sure the shift to digital payments occurs in a way that promotes greater competition, innovation and productivity across our entire economy.'

View attachment 31910

The Federal Government is moving to regulate digital wallets. Credit: Unsplash.

Cheque usage has been declining steadily. According to government data, in the June quarter of 2023, 35 per cent of all card transactions were carried out using digital wallets—a significant increase from the 10 per cent recorded in early 2020.

Moreover, Reserve Bank of Australia (RBA) data indicates that nearly two-thirds of younger Australians—aged 18 to 29—make mobile payments. This marks a substantial rise from the less than 20 per cent recorded in 2019.

Mobile payments are on the rise even among older Aussies, those aged 65 and over. Approximately nine per cent of the age group regularly use mobile payment methods, three times the proportion seen in 2019.

The public consultation for proposed changes to the Payment Systems (Regulation) Act of 1998 began on Tuesday, October 10. This update aims to modernise the definitions of 'payment' and 'payment systems' to encompass new payment methods widely used now and in the future.

In June, Dr Chalmers mentioned that cheque payments will be gradually phased out by 2028. A goal has been set to end the use of cheques completely in 2030.

He explained that at present, nearly all retail and personal cheque transactions (98 per cent) can be efficiently handled through Internet or mobile banking, and this also applies to all cheques used in institutional and commercial settings (100 per cent).

Dr Chalmers emphasised that retaining cheques within the payment system has become increasingly expensive to manage a declining portion of transactions.

This news follows a growing trend among retailers and financial institutions to embrace cashless transactions.

Recently, we shared information about a major bank's decision to shift towards digital-only payment systems. This change will involve discontinuing cash, check, and phone payments for their customers.

For more information on this story, read the full article here.

Key Takeaways

• The Albanese government plans to regulate digital payment wallets like Google Pay and Apple Pay similarly to other payment systems.
• The draft legislation would allow the Reserve Bank to control new and emerging digital payment services, purportedly to protect consumers and promote competition.
• Public consultation for amendments to the Payment Systems (Regulation) Act 1998 opened on October 10, aiming to update the definition of 'payment' and 'payments systems' to include a broader range of current and future payment methods.
• As part of these legislative changes, the government plans to wind down cheque payments by 2028, with requirements for their use removed by 2030, reflecting a move towards digital payment methods.

What are your thoughts on this news, members? Do you regularly use cheque payments? If so, do you agree that replacing them with digital methods is better? Share your thoughts on Australia's move to 'cashless' transactions in the comments below!

No, i still use cash I think you should be able to use cash and cashless, one thing I’m sure of the government will be able to track everything when we go cashless

 

[BillW41]

The way Aussies pay for things is changing, and it's time to say goodbye to one that has been around for many years: cheque payments.

The Albanese government has announced draft legislation to regulate digital payment methods like Apple Pay and Google Pay in the same way as cards. They're also taking steps to phase out cheques entirely within the next few years.

The draft legislation would allow the Reserve Bank to control new and emerging digital payment services to protect consumers and promote competition.

For many, this may seem concerning. But Treasurer Jim Chalmers has reassured that digital payments are safer, more convenient and will benefit all Australians in the long run.

'As payments increasingly become digital, our payments system needs to remain fit for purpose so that it delivers for consumers and small businesses,' he said.

'We want to make sure the shift to digital payments occurs in a way that promotes greater competition, innovation and productivity across our entire economy.'

View attachment 31910

The Federal Government is moving to regulate digital wallets. Credit: Unsplash.

Cheque usage has been declining steadily. According to government data, in the June quarter of 2023, 35 per cent of all card transactions were carried out using digital wallets—a significant increase from the 10 per cent recorded in early 2020.

Moreover, Reserve Bank of Australia (RBA) data indicates that nearly two-thirds of younger Australians—aged 18 to 29—make mobile payments. This marks a substantial rise from the less than 20 per cent recorded in 2019.

Mobile payments are on the rise even among older Aussies, those aged 65 and over. Approximately nine per cent of the age group regularly use mobile payment methods, three times the proportion seen in 2019.

The public consultation for proposed changes to the Payment Systems (Regulation) Act of 1998 began on Tuesday, October 10. This update aims to modernise the definitions of 'payment' and 'payment systems' to encompass new payment methods widely used now and in the future.

In June, Dr Chalmers mentioned that cheque payments will be gradually phased out by 2028. A goal has been set to end the use of cheques completely in 2030.

He explained that at present, nearly all retail and personal cheque transactions (98 per cent) can be efficiently handled through Internet or mobile banking, and this also applies to all cheques used in institutional and commercial settings (100 per cent).

Dr Chalmers emphasised that retaining cheques within the payment system has become increasingly expensive to manage a declining portion of transactions.

This news follows a growing trend among retailers and financial institutions to embrace cashless transactions.

Recently, we shared information about a major bank's decision to shift towards digital-only payment systems. This change will involve discontinuing cash, check, and phone payments for their customers.

For more information on this story, read the full article here.

Key Takeaways

• The Albanese government plans to regulate digital payment wallets like Google Pay and Apple Pay similarly to other payment systems.
• The draft legislation would allow the Reserve Bank to control new and emerging digital payment services, purportedly to protect consumers and promote competition.
• Public consultation for amendments to the Payment Systems (Regulation) Act 1998 opened on October 10, aiming to update the definition of 'payment' and 'payments systems' to include a broader range of current and future payment methods.
• As part of these legislative changes, the government plans to wind down cheque payments by 2028, with requirements for their use removed by 2030, reflecting a move towards digital payment methods.

What are your thoughts on this news, members? Do you regularly use cheque payments? If so, do you agree that replacing them with digital methods is better? Share your thoughts on Australia's move to 'cashless' transactions in the comments below!

I still use cheques occasionally. Clubs need them for event payments. Will banks still issue Bank Cheques (and overseas drafts) to pay amounts where they don't have enough cash to satisfy requirements? Abolishing cheques is a huge step backwards, especially for those who can't use electronic systems.

 

[Baz1960]

No, i still use cash I think you should be able to use cash and cashless, one thing I’m sure of the government will be able to track everything when we go cashless

Technically another form of discrimination..

 

[Observer]

If the Gov wants us all to go digital then first thing they should do is make it safe ! We have all read lately that banks are not helping people that have been scammed. So why would we want to change the way we do things !

We need that guarantee of safety

 

[mylittletibbies]

I have just tried to google up, with no success, about Canadian farmers defying the government during covid and being shut out digitally, can you share a link please. I would be interested in reading

I had not heard of this, but I did hear that truck drivers who were protesting had this happen to them. This was also supposedly in Canada.
How true it is I don't know