Although it's said that cash is king, a new FIS report says "the sun is officially setting on the use of cash for retail payments in Australia, with the economy projected to be 98% cashless by 2024.
Global online payment fraud is predicted to cause losses exceeding US$200 billion over the next five years, driven by the increased sophistication of fraud attempts and the rising number of attack vectors.
Australian banks are at risk of losing US$3 billion in payments revenue by 2025 due to the growth of digital payments and competition from non-banks, according to a new research report.
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