A few decades ago cash and paper payments, such as cheques, were the only real options for Australian consumers and businesses.
Today, Australians enjoy a multitude of payment options.
At the point of sale, we can use our credit or debit cards.
A few decades ago, access to cash depended on getting to a bank branch during business hours. Today, people have access to ATMs and EFTPOS devices to access their cash.
A few decades ago our salaries and wages were paid by cash or cheque. Today, most Australians have their wages and salaries regularly deposited into their accounts.
And today, we have access to new payment methods undreamt of only a few decades ago – such as online payments, contactless cards and mobile payments.
Many of us take for granted that the payments system “just works”. Below is more information about the various payment methods and how they operate in Australia.