The
Reserve BankSee Central bank. More of Australia will soon introduce its New
PaymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More Platform – a major industry initiative aiming to develop a new infrastructure for digital payments. According to various experts, this project should accelerate the country’s shift to digital and make Australia completely cashfree by 2020.
Nevertheless, should
cashMoney in physical form such as banknotes and coins. More completely disappear, the impact on students and low-income workers who rely exclusively on cash-in-hand jobs would be disastrous. Babysitting, tutoring and mowing lawns are regarded as black market activities by the authorities because revenues are never declared to the tax office. Indeed, cash-in-hand jobs generate extremely low incomes and are usually performed by students seeking to reduce the financial strain on their parents or people waiting for a work permit.
Furthermore, the replacement of cash by e-payments would force small businesses to install EFTPOS terminals and pay fees for each transaction. At present, a business running card machines is charged 1.4% more than a shop accepting only cash. If this cost is easy to absorb for big businesses, it could mean the death of smaller ones. To survive, retailers will have no other option than to increase prices and thus pass on the costs to consumers.
The elimination of
paperSee Banknote paper. More moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More is supposed to help the government get back millions of dollars in undeclared tax revenue, but it will also close the door to odd jobs and leave no chances for small retailers. A cashless society would also allow the government to monitor and control every single transaction carried out by citizens and businesses alike.