Debit cards 'may take over completely from cheques'

By Mozo ·

Cheques may become a thing of the past as a review is being undertaken into whether or not to dispense with this form of payment and use debit cards and other methods instead.

The Australian Payments Clearing Association (APCA) announced the launch of a public consultation into the matter yesterday (June 9th 2011).

Chris Hamilton, chief executive officer of APCA, commented: "Cheques are clearly in irreversible decline."

He added that as the payments system moves forward it would be important to ensure everyone has access to "safe and efficient electronic payment options".

While a recent study commissioned by APCA revealed that three-quarters of Aussies never use cheques, there were still five per cent who felt they would struggle without their paper payment options.

This comes after retailer Woolworths announced that it would be trialling a new payment system using payWave credit cards.

Have a question about debit cards? Ask the money gurus at Mozo AnswersADNFCR-1761-ID-800575055-ADNFCR