Australia is rapidly transitioning towards digital payments, with the COVID19 pandemic reinforcing the need for alternative payment methods. Digital wallets have become increasingly popular, while cash usage has significantly declined. Proposed regulatory reforms for digital payment providers aim to ensure a secure and trustworthy cashless society, bringing buynowpaylater and digital wallet providers under RBA supervision. The challenge lies in balancing innovation and accountability to create a secure and fair framework for the flourishing cashless payment industry.
