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When was the last time you used cash? For many Australians using cash or even swiping a card has become a rare event.
The move towards a cashless society started 50 years ago with the introduction of the Bankcard and was driven by technological advancements. But it really took off with the COVID pandemic when consumers and retailers were reluctant to handle potentially infected notes and coins.
The federal government last week underscored its recognition of this trend by unveiling reforms to regulate digital payment providers. Treasurer Jim Chalmers said:
As payments increasingly become digital, our payments system needs to remain fit for purpose so that it delivers for consumers and small businesses.
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