RBA governor Philip Lowe Cash see cash as a 'niche payment instrument'

Reserve Bank of Australia governor Philip Lowe said it won't be long before banknotes are used for "relatively few payments" and cash becomes a "niche payment instrument".

Dr Lowe also said it would be "appropriate" to wind up the cheque system, given the high fixed costs involved, saying "we have not reached that point yet, but it may not be too far away".