Tagged With xinja

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Even as Australia races towards being a cashless society, it’s often hard to imagine what that would mean for the average person.

One of the clearest signs of a future without cash came in the most recent budget, when the government announced it will ban all cash transactions over $10,000 starting in 2019.

That’s just one of several changes bringing about the real possibility, in theory at least, that we may simply stop printing cash one day.

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It’s been a long time since we’ve seen some genuine innovation in the banking industry. Australia’s Big Four banks have had a stranglehold on our wallets for decades, with a lack of competition keeping fees high and consumer choice low.

Even as the internet, smartphones and apps transformed other service industries - taxis, hotels, even your Friday night takeaway - little changed in the banking sector. In fact, it was only late last year that archaic fees for using another bank’s ATM were scrapped.

Meanwhile, things have been moving a little faster in the US and Europe, where digital banks have been taking advantage of developing technologies and relaxed regulations to launch seriously attractive alternatives to the legacy banks.