Cheques are going the same way as the Dodo in Australia, and it looks like cash will be next

Photo by Hamish Blair/Getty Images

Hands up if you’ve paid for something with a cheque in the past year.

Congratulations, you’re one of the few who did.

As shown in this infographic from the Australian Payments and Clearing Association, cheque are going the same way as the Dodo in Australia. Extinct.

Source: Australian Payments Clearing Association

According to the group, the number of cheques written fell by 17.2% in the last financial year, following a 15.7% drop in 2014/15.

Cheque usage has now fallen by nearly 73% over the past decade.

In dollar terms, the value fell by a smaller 1.8% in the past year, accelerating on the 0.9% decline recorded in the 12 months to June 2015.

As a percentage of all non-cash payments, cheques accounted for just 1.2% last year, gazumped by enormous growth in debit and credit cards, along with direct transfers.

According to group, the use of credit and debit cards grew by 12.1% in 2015/16. By value, they increased by 6.7%, building on the 6.6% growth of the previous year.

Source: Australian Payments Clearing Association

And, given those trends, when cheque usage finally comes to an end, it looks like cash will be the next on the chopping block.

Using data from the RBA, the Australian Payments and Clearing Association says the number of ATM withdrawals fell by 6.6% last year, following a 4.9% drop in 2014/15.

That was mirrored by withdrawals by value, which also slid by 2.4%.

Source: Australian Payments Clearing Association

One suspects that the shiny new notes being rolled out by the RBA could well be the last.

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