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.