MyState Bank has reported close to a 30% decrease in cash withdrawals this month alone, while BPAY payments and transactions made via the New Payments Platform have gone up by a significant 20%.
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Popped into your local supermarket or cafe lately? You may have noticed that customers are being asked to keep their cash in their wallets in favour of contactless payments options for hygienic reasons.
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Dubbing the conditions induced by the COVID-19 pandemic ‘The Great Lockdown’, the International Monetary Fund (IMF) has predicted a sharp decline in global economic growth for 2020, with Australia’s economy expected to contract by 6.7% or almost $130 billion.
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The list of businesses and sectors affected by the COVID-19 health crisis appears to be never ending and now it seems that new banks will also be dealt a blow by the ongoing global pandemic.
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In a disappointing recent development, scammers appear to be taking advantage of the anxiety and fear surrounding the COVID-19 outbreak by targeting vulnerable Australians.
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In an effort to help stop the spread of COVID-19, the Australian Payments Network announced today that it will be temporarily increasing the contactless card limit from $100 to $200. This means that as of this month, Australians will not be required to enter a PIN number for transactions under $200.
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Trend alert! Now you’re probably familiar with the whole concept of ‘passive income’, but have you heard of passive savings? Let’s break it down.
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With so many non-essential businesses closing their doors and health officials urging people to practice self-isolation, many Australians are facing the very real possibility that they will lose their jobs in the coming months.
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During times of crisis, it’s not uncommon for online scammers to prey on vulnerable Aussies and their fears.
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Although you may not be over the moon to be cooped up inside all day long, if you do have to work from home for the next few weeks, it might be an ideal time to tick off all those finance-related life-admin tasks you’ve been putting to one side. By doing just some of these, you could save yourself some serious dollars.
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