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Australia to become cashless society by 2020

Rosie_MOD_Rosie_MOD_ Moderator

Australia to become cashless society by 2020

Looking at the ANZ bank website in Canberra. (AAP Image/Alan Porritt) (AAP)

New technology is being introduced which will push Australia even further towards being a cashless society. From January, The Reserve Bank of Australia will roll out a new system to allow instant bank transfers between different institutions.

By
Gautam Kapil
Published on
Thursday, October 26, 2017 - 15:22

New technology is paving the way towards a totally cashless future. Electronic money transfers between banks will soon be finalised in less than a minute.

Under the new system, customers will be able to transfer money between two separate financial institutions in real time. The New Payment Platform system acts like a secure network between two separate banks, for example, National Australia Bank and Commonwealth Bank.

Currently, the funds go through a lengthy settlement process overseen by the Reserve Bank.

Transferring money from one financial institution to another can take between two to five days. The new technology has also raised security concerns. Banks are ensuring they're doing extra to protect their customers from fraud. While some finance experts are predicting a cashless society by 2020.

read more:

https://www.sbs.com.au/yourlanguage/punjabi/en/audiotrack/australia-become-cashless-society-2020



"We are shaped by our thoughts; we become what we think. When the mind is pure, joy follows like a shadow that never leaves."

Comments

  • Rosie_MOD_Rosie_MOD_ Moderator

    Opinion Welcome to cash-free Australia


    15 Jan 2018
    Richard Holden

    The launch of the national payments platform means that Australia could realistically be cash free by 2020 if it wanted to be, writes Richard Holden.

    15_cashless_shutterstockjpg

    Photo: Shutterstock

    OPINION: In 2017 we heard a lot about how rapidly advancing technology was going to destroy a huge chunk of jobs: from bus drivers and postal workers to lawyers and accountants. The eminences of Silicon Valley raised the possibility of societal breakdown without a "robot tax" (Bill Gates) or a Universal Basic Income (Peter Thiel and Marc Andreessen).

    This raises a host of deep and challenging questions about adapting to disruptive technologies.

    But what if I told you that a technology about to launch in Australia could generate more than $5 billion in free tax revenue for the Commonwealth, make a segment of Australians pay their fair share of tax, combat organised crime, and reduce checkout lines at the supermarket? The New Payments Platform (NPP) – supported by the RBA and 12 other founding financial institutions, and which initially connects more than 50 banks, credit unions, and building societies –  will make cheap, secure, 24/7/365 instantaneous payments a reality. It's already live for employees of the participating financial institutions and will roll out to the rest of us soon.

    Here's how it works. You get a PaylD, which could be a mobile phone number, email address, or ABN. Link that to your bank account and you can make and receive payments through your online banking app, BPAY's "Osko", or other new apps that will take advantage of the platform. No delays, no issues about weekends and public holidays, no waiting, no BSB numbers. You can buy a beer with it, split a restaurant bill, send your niece some cash for her birthday, pay your electricity bill. Anything.

    In short, it is the decisive step that makes a completely cashless Australia possible. And it could be done by 31 December, 2020. Here's how:

    read more:
    https://newsroom.unsw.edu.au/news/business-law/welcome-cash-free-australia

    "We are shaped by our thoughts; we become what we think. When the mind is pure, joy follows like a shadow that never leaves."

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