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The Australian Banking Association (ABA) has welcomed the Treasurer’s announcement today of a major overhaul of Australia’s payments system.
“Australia has witnessed a phenomenal shift in customer banking and payment preferences in recent years,” ABA CEO Anna Bligh said.
The nation’s shift to digital banking is gathering pace, with the number of people leaving home without their wallet or cards, relying on their phone or another device instead, doubling in three years. The rapid changes are captured in a new ABA interactive Spend the Day site.
“While existing regulations have served Australia well, we have seen unprecedented changes in how we pay each other.”
New data shows debit cards are the clear choice of payment in post-COVID Australia, outweighing credit cards by almost three times, while cash use has significantly declined.