For many, many years I have presented at payments conferences about how consumer payments are habit forming. People tend to be “locked in” to how they pay for things by the time they are 30 years old. A much stronger – not just slightly stronger - “value proposition” is needed to knock them out of their old payment habit and into something new.

Speaking at the BlueNotes-sponsored Australian Payments Innovation forum 2014, RFi managing director Lance Blockley produced this slide, which provides a fascinating insight into where Australian cash is actually held.

Just over two years ago, what has now become known as the Industry Security Initiative (ISI) was born. In August this initiative will end an era in Australian payments when signatures will no longer work to authorise card transactions.