3 / 11  BIS central bankers' speeches  The third area where we can see this shift is the rapid growth in the number of debit and credit card transactions and in transactions using the direct entry system. Since 2005, the number of transactions using these systems has grown at an average annual rate of 10 per cent (Graph 3).
This stands in contrast to the decline in the use of cash and cheques. 4 / 11  BIS central bankers' speeches  The overall picture is pretty clear. There has been a significant shift away from people using banknotes to making payments electronically. Most recently, Australia’s enthusiastic adoption of ‘tap-and-go’ payments has added impetus to this shift.