Australia’s central bank explores the issue of electronic banknotes

An eAUD? — Reserve Bank of Australia — “An electronic form of banknotes could coexist with the electronic payment systems operated by the banks, although the case for this new form of money is not yet established… The issuing authority could issue electronic currency in the form of files or ‘tokens’. These tokens could be stored in digital wallets, provided by financial institutions and others. These tokens could then be used for payments in a similar way that physical banknotes are used today.”

How Australians pay: Evidence from the 2016 Consumer Payments survey

How Australians pay: Evidence from the 2016 Consumer Payments survey — Reserve Bank of Australia — “Cards were the most frequently used means of payment in the 2016 survey, overtaking cash for the first time. Contactless ‘tap and go’ cards are an increasingly popular way of making payments, displacing cash for many lower-value transactions… Consumers are increasingly using their mobile phones to make online and person-to-person payments.”

Tap-and-go kills the cash cow

Tap-and-go kills the cash cow — Sydney Morning Herald – “Australia has become a nation of tappers, with official figures showing that the card has finally overtaken cash as our most-frequently-used payment method… The Reserve Bank attributes that to several factors, including the widespread rollout of tap-and-go Eftpos functionality. Around one-third of all point-of-sale payments are now made using tap-and-go.”

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