Future of digital money

Consumers and businesses are seeing the perks of cashless payments.

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Cashless payments pick up speed

Businesses are accepting a growing number of cashless payments at checkout and many say that real-time payments will soon become the norm.

The raft of new payment platforms and technologies are easing the pressure on cash-strapped Australian business owners, who are collectively owed A$26 billion in unpaid debts.

The Australian Taxation Office (ATO) also played a part in helping businesses to be paid faster when it introduced national standards for electronic invoicing in 2016.

That move came after the Digital Business Council identified that a better approach could save the Australian economy up to A$10 billion annually.

Fraud and privacy issues loom large in the new frontier of cashless payments. The concept of a “digital identity”, verifiable through blockchain technology, is being touted as a means of maintaining the integrity of transactions.