The decision comes as cheque usage continues to decline rapidly, with cheques representing less than 0.1% of non-cash retail payments.
While cheques can take several business days to clear, digital payments are fast, efficient, convenient and have additional protection measures.
Financial institutions understand the need to help customers transition to faster, safer, and more convenient digital payment methods and are available to provide assistance with these alternatives.
Financial institutions understand the need to help customers transition to faster, safer, and more convenient digital payment methods and are available to provide assistance with these alternatives.
Less than 0.1%
of Australians used cheques as a non-cash retail payment.
Source: Reserve Bank of Australia
See cheques statistics
