Australia: Digital options to replace cheques

The Australian Payments Network recently released a report, Milestone Report – The Digital Economy, which documented a historic 20% drop in the use of cheques for payments during 2016. The dramatic fall in cheque use is believed to be the result of more Australians relying on digital payment options. RFi Group data supports the findings of the Australian Payments Network, as data shows in March 2016 only 1% of consumers identified that when making payments from their everyday transaction account they used a cheque book, however in March 2017 this proportion dropped below 1%. The dramatic decrease is expected to continue with the New Payments Platform (NPP) being launched later this year.

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