Cut off from the world’s main financial messaging system, Russia turned to a domestic alternative. But research shows it fell far short of replacing the global financial network.
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Payment technologies are advancing at such a rate it may not be long before credit cards are redundant.
The UK Treasury called them “rip-off fees” and banned them in 2018. So how did Australians end up paying for much for card surcharges?
New research shows that paying cashlessly, whether by card or phone and regardless of any credit involvement, leads to spending more money.
Less than 20 years ago, 69% of Australians’ purchases were made with cash. It’s now 13% and falling. This chart shows how the way we pay has completely changed in just one generation.
An attempt to prevent fraud in Ghana’s burgeoning mobile money sector could be a setback for access to financial services.
A recent ban on charges for paying by credit or debit card could open the door to legal action for surplus fees paid in the past.
The banks could have used their collective bargaining power not only against Apple for Apple Pay but also stall the adoption of mobile payments in Australia.
Despite a rise in cashless payments and a drop in customers drawing out cash, bank tellers might still have a future.
RBA has no comparative advantage or good reason to regulate the Payments System. Australia already has a specialist agency to regulate industry – the ACCC.
Top contributors
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Adjunct Professor, Swinburne University of Technology
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Associate Professor in FinTech & Information Systems, University of Southampton
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Senior Lecturer in Marketing, The University of Melbourne
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Professor of Economics, RMIT University
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Professor of Marketing, Adelaide University
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Principal Lecturer, Law, University of Portsmouth
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Visiting Fellow, Crawford School of Public Policy, Australian National University
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Professor of Institutional Economics, RMIT University
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Associate Dean (Learning & Teaching) Faculty of Creative Industries, Education and Social Justice, Queensland University of Technology
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Professor of Marketing and Consumer Behaviour, Queensland University of Technology
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Associate professor, Imam Muhammad ibn Saud Islamic University
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PhD Researcher in Marketing, Adelaide University
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Full Teaching Professor of Economics, University of Alberta