From January, The Reserve Bank of Australia will roll out a new system to allow instant bank transfers between different institutions.
New technology is paving the way towards a totally cashless future.
Electronic money transfers between banks will soon be finalised in less than a minute.
Adrian Lovney, chief executive of the New Payments Platform, an initiative set up by Australian banks to build the technology, says funds will arrive in the recipient's bank in as little as 30 seconds
