RBA to review EFTPOS system

More and more Aussies are coming to terms with the notion that the country is steadily becoming a cashless society.

Recent government figures showed that more than $36 billion is owed by Australian credit card holders and even more people utilise their debit cards in order to make purchases, rather than carrying around a pocketful of money.

Shops, restaurants and bars have been accepting plastic for years now and it has become second nature for people to use Chip and PIN technology.

Now, the Reserve Bank of Australia (RBA) has revealed it will conduct a review into the EFTPOS (electronic funds transfer at point of sale) system, as it continues to evolve at a fast rate.

The RBA brought in the EFTPOS system in 2004 and a number of changes have occurred since then – such as the establishment of a governing scheme known as ePAL in 2009.

Bosses at the RBA have stated that a full public consultation will be launched to assess whether these developments have been fit for purpose.

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