Australians expect payments to be fast, low cost, reliable and easy to use. At the RBA, we share these expec­ tations. We want to see an Australian payments system that is competitive, safe to use, and dynamic and innovative. This morning I would like to highlight some of the issues we are working on in support of these objectives.
But to write off the role of banknotes and coins in the economy would be a mistake. Non-cash payment options have been proliferating in recent years. Credit cards, online transfers, and direct-debit payments are already well established. Now, smartphone-enabled digitalpayment solutions and mobile wallets are also gaining ground.