On the corporate side, the launch of the New Payments Platform (NPP) in February allows households, businesses and government agencies to make transactions easily (using a simple payment ID) and immediately, at any time. A collaboration of Australia's banks, other financial institutions and the Reserve Bank, the NPP is slowly gaining acceptance as the most effective way to make fast and secure payments.
Holden's plan to phase out cash within three years begins with eliminating $100 notes in the first year and $50 bills in year two. Then it's about using education and incentives, especially convincing traditional cash users of better options.
“It’s about making sure everyone has the ability to use tap-card technology in a way that works for them,” Holden says, such as making payments using a seniors card, for instance. “Privacy is always an issue, though I think we live in a different era of privacy expectations, especially because of social media. People these days have a very different conception of what privacy means.”