Although a lot of people active in the Bitcoin world have been saying this for a while now, it looks like digital currency pose a legitimate threat to replacing national currencies in their current form. That statement was made by Tony Richards, Head of Payments Policy Department in Australia during a speech a few days ago. The world of finance and payment is changing, and digital currency combined with distributed ledger technology are a driving factor.
Also read: Ethereum Price Technical Analysis – Watch Out For 100 SMA! The Changing Payment Infrastructure In Australia
Cheques have been one of the more common forms of payment in Australia for quite some time now, yet the usage of this medium has become less frequent. While there is no reason to think cheques will become extinct shortly, the numbers are declining year over year, which can be mostly attributed to the surge of electronic payment methods.
This accelerated decline in cheque payments needs to be taken into account properly. At an average decline of 13.5% percent per year between 2010 and 2015, it will not take much longer until this medium of payment is no longer being used. However, there will always be those who stick by cheques regardless of alternative payments , and the final nail in the coffin might take a few years to materialize.
What is equally impressive is how the usage of cheques is not declining as fast in other countries around the world. Regions such as the United States, France, And Canada are still seeing healthy numbers regarding cheque payments on a yearly basis. While this method of payment is still on the expensive side in terms of resource costs for financial institutions and merchants, it is being used far more often than people would give it […]
