Your browser is not supported

Our website does not support the browser you are using. For a better browsing experience update to a compatible browser like the latest browsers from Chrome, Firefox and Safari.

How would digital cash work?

You'll be able to store your digital cash in an electronic wallet set up with your bank or a private company and use it to pay in-store, online, or offline with no internet. 

How you could use digital cash in the future

Download PDF (263 KB)

Choose your digital cash provider

In the future, there would be many digital cash service providers. You'll be able to open a digital cash account with your own bank or use a private payments company.

Make payments instantly online and offline

Receive digital cash payments anywhere, anytime using your phone. Hold two devices next to each other and send money instantly. You also won't be charged any extra when you use your phone to pay.

Have more control over your money

Use the digital cash banking app to see what kinds of things you spend your money on, track your weekly or monthly spend and compare changes over time.

Meet Grace

Grace has just opened a digital cash account with her bank.

Opening an account is quick and easy – Grace uses her phone to take a photo of herself, which she uploads to verify her identity. 

With her new digital cash account, Grace can:

  • use internet banking to transfer money 
  • give her employer her new digital cash account number, so she can get paid in digital cash
  • use a smart ATM to deposit cash directly into her new digital cash account.

Meet Levi

Levi wants to be able to use his digital cash to pay for things instantly.

Levi orders himself and his friend Grace a coffee at his local café. He uses digital cash to pay by tapping his phone. By paying with digital cash, Levi won’t get charged any extra fees. 

Levi also wants to be able to receive digital cash payments anywhere, anytime. By tapping their phones together, Grace can pay Levi back for the coffee he bought her earlier this morning. Grace’s money is sent to Levi instantly and securely.

Meet Maya

Like most of us, Maya wants to have more control over how she manages her money.

Using her digital cash banking app, Maya can see exactly where she is spending her money. Maya wants to cut down on the number of coffees she buys so she can save for a new car. The app adds up how much Maya has spent buying coffees in a month and lets her compare how this has changed over time. 

This helps Maya manage her spending without having to spend time adding her expenses manually.