Money has come a long way since it was literally, worth its weight in gold.  From standing in a queue in the bank to withdraw dollars for the weekend, to the advent  of ATM’s in every town (we now offer our customers the largest network of mobile lenders ATMs and branches of any bank in the country) and now virtual cash. 

Mobile money

 The internet has opened doors for individuals to earn, spend and lend in multiple virtual currencies across the world. The currency revolution comes courtesy of websites and apps allowing peer-to-peer transactions and point-of-sale purchases via smartphones. Customers can now pay with the swipe or tap of a phone and access multiple debit and credit accounts on one card.

 While some of these advancements have come late to Australian shores, the country now seems poised to hit the paperless trail at full speed. The majority of Australians are now using internet or telephone banking to pay bills. The number of mobile financial transactions in Australia could reach 250 million annually in 2015, according to a white paper by Edgar Dunn & Co.

 The end of cash?

 Some speculate this virtual cash revolution has the potential to loosen governments’ grip on the currency that makes the economy go round. Where governments are the guarantors of centralised currencies, for peer-to-peer currencies the guarantors are individuals. The virtual cash revolution has fostered a means of exchange that is independent of both the banks and the state.

 But just like video didn’t kill radio, virtual currencies and online trading won’t herald the end of real-world currency and trading. Australians are certainly still dealing in hard cash. In fact, we have more notes of each denomination in circulation than this time last year, according to a September article in The Age. For now, we clearly want the best of the past and the future.

 What do you see as the future of money?