The Australian Payments Clearing Association has decided not to dismantle the country’s checking system, after considering the proposition for nearly a year.
APCA’s review of the value of checking began in June 2011, after data showed that check use in Australia had dropped by 60 percent over the past decade, Finextra reports.
APCA’s final assessment of the scenario gives a nod to market forces’ ability to solve problems: “”It is predominantly the market that is best able to address the future needs of current cheque users as cheque usage declines,” it said.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More