Many of us make the bulk of our small and large payments electronically. This is one reason why today’s highest value banknote – the $ note – is worth only a fifth of what the $ note was worth when it was introduced.
This shift to electronic payments is being helped by another project the Reserve Bank has been involved in – that is the New Payments Platform. The Bank played an important policy role in getting this new system off the ground and has built a core piece of the supporting infrastructure. This new payments system allows near-instantaneous payments between bank accounts.