Federal Treasurer Jim Chalmers will today unveil plans to phase out the cheque.

Australia will cease use of cheques, which currently account for only 0.1 per cent of payments, by 2030.

CEO of the Australian Payments Network, Andy White, says the plan is “entirely reasonable”, with some other countries — including New Zealand and South Africa — closing cheque systems within a year of announcing plans to phase out the payment method.

Press PLAY below to hear what Mr White says must happen before cheques are phased out altogether

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